WorldRemit, a Digital money transfer service has joined forces with Fidelity Bank, for instant money transfers to four million Fidelity Bank accounts in Nigeria.
Remittances play an increasingly important role in Nigeria’s economy.
The World Bank estimates that in 2017 alone, Nigeria received over $22billion in remittances, making it the largest recipient in Africa and fifth largest recipient globally.
Therefore, the new partnership further expands WorldRemit’s footprint in the country, and allows the 15 million-strong Nigerian Diaspora living in over 50 countries – including the United States, the United Kingdom, and Germany, to send money directly from their phones to recipients locally.
The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020, and boosts Fidelity Bank’s dedication to innovation and increasing financial inclusion.
Fidelity Bank is one of the largest banks in Nigeria with an extensive network of branches across the country. The bank is committed to innovative digital products that provide convenience and ease of banking for its customers.
Andrew Stewart, Regional Director of Africa and the Middle East at WorldRemit, comments: “Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally.
We are delighted to be partnering with Fidelity, a leading bank in Nigeria, and a major player in the remittance business, to introduce its customers to our best in class online money transfer service, which offers a safer, faster and more cost-effective way to send and receive funds.”
Managing Director and Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, said: “WorldRemit offers a low-cost way to send and receive money.
The opportunity for our customers to receive money from over 50 countries in a quick, affordable and convenient manner with WorldRemit is in line with our promise to deliver a new standard of service in the financial services industry.”