Nigeria: Worldremit Lowers Cost of Fund Transfer to Nigeria

3 December 2020

WorldRemit, one of the leading global digital payment companies has launched its new zero per cent pricing for international transfers to Nigeria.

The new lowered price allows customers to send more to family and friends in Nigeria with absolutely no fees and foreign exchange (FX) margins.

According to the company, the major price drop formed part of a new pricing restructure and represents the largest pricing reduction in terms of the number of corridors for the business, adding that the new zero per cent pricing is in line with its commitment to supporting remittance flows to Nigeria and helping the Diaspora community to supplement and support family and friends back home.

Speaking on the development, Country Manager, Nigeria and Ghana, WorldRemit. Gbenga Okejimi, said: "As a forward-thinking company, WorldRemit continues to seek opportunities and innovative ways to keep people connected around the world while offering them a top-class fast, safe and simple way to send international remittances.

"We believe in helping our customers to access and enjoy the rewards of their hard work and this initiative will ensure they are able to access value even as COVID-19 has financially affected those in both in the diaspora and at home."

Also speaking, Director of Pricing at WorldRemit, Sam Talukdar, said: "One of our goals is to accelerate financial inclusion by reducing transaction costs to Sub-Saharan Africa, which remains the most expensive region for remittances. In the last 12 months, we have witnessed a strong uptick in new customers using our platform, which in turn has helped to drive down our overall costs. We are committed to making remittances more affordable, so we have shared our savings with our customers, allowing them to send more money for less."

The global payments company enables senders in 50 countries to send money via the app or website to recipients in over 150 countries, where they can choose from multiple payout methods including bank deposits, Mobile Money, mobile airtime top-up and cash pick-up.

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