In a bid to augment Nigerians and develop the impact of remittances, WorldRemit has introduced the option to send funds in Naira. This development enables Nigerians to maximise the value of their money and leverage favourable exchange rates when transferring funds back home. Recognising that a significant number of people worldwide depend on remittances from friends and relatives working abroad (with a ratio of 1 in 9), WorldRemit aims to facilitate meaningful financial contributions and enable recipients to utilize their funds more effectively.
According to the press release, Nigeria received over USD 20 billion in remittances in 2022, courtesy of nearly 1.5 million Nigerian migrants residing in different parts of the world. This positions Nigeria as the eighth-largest recipient of remittances globally. Remittances play a crucial role in Nigeria's economy, accounting for more than 4% of the nation's total economic activity. As a result, ensuring the swift and efficient delivery of funds is not only essential at an individual level but also a key driver of economic stability for the country.
To send money in Naira, WorldRemit users simply select 'Nigeria NGN' and then have the option to select Cash Pick-Up for the receive method. In most cases, transfers sent using WorldRemit arrive within minutes, making sending money to loved ones easier than ever.
The International Monetary Fund has issued warnings to Nigeria against the movement towards dollarisation, as it has increased black market money movement, destabilised the role of the exchange rate, and created unrest for those who rely on remittances. With the newly appointed central bank of Nigeria governor's shift towards creating a safer path for Naira currency, Nigerians are able to feel safer about how they move money to their loved ones.
Officials from Zepz, the mother company of WorldRemit, said that with every innovation and feature they develop and invest in, customer needs are at the forefront of their minds. Enabling Naira currency for this expansive community is a necessary and obvious choice to ensure Nigerians around the world are able to access reliable, safe methods of money movement.
WorldRemit is a global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted the remittance industry by taking international money transfers online, making them safer, faster, and lower cost. They currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, they offer a wide range of options, including bank transfer, cash pickup, airtime top up, and mobile money.
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