Leading digital money transfer service WorldRemit has joined forces with First Bank of Nigeria Limited (First Bank) for instant money transfers to all First Bank accounts in Nigeria.
First Bank is collaborating with WorldRemit to drive convenience and ease of banking for its customers as well as provide the much-needed push for financial inclusion initiatives. Established since 1894 and with footprint in 6 African countries and a full-fledged branch in London, First Bank has over 14 million customer accounts and more than 750 business locations providing a comprehensive range of retail and corporate financial services across these markets.With a diaspora of over 15 million people living in countries such as the United States, the United Kingdom, and Germany, remittances play an increasingly important role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received over $22 billion in remittances, making it the largest recipient in Africa.
Abiodun Famuyiwa, Group Head of Products and Marketing Support at First Bank, added: “The Bank is excited to be working WorldRemit in delivering swift digital remittances to its customers in Nigeria. This partnership is one of the numerous ways the Bank would continue to put customers first by leading the industry in the use of technology to provide safe, convenient and fast banking solutions”.
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete 1 million transfers every month from 50 countries to over 145 destinations. More than half of its transfers go to Africa.