WorldRemit, an online money transfer service, is partnering with Access Bank Plc to foster instant money transfers to accounts of bank customers in Nigeria. In a statement released, the new partnership is said to further expand WorldRemit’s presence in Nigeria, allowing its customers in over 50 countries to send money to millions of Access bank accounts directly from their phones.
Access bank explained in a statement that the partnership will increase convenience and ease of banking for its customers. The initiative will also support the country’s effort to promote financial inclusion. The partnership will also connect over 15 million Access bank customers in Nigeria, Democratic Republic of Congo, Ghana, Rwanda, the Gambia, Sierra Leone and Zambia to WolrldRemit’s online money transfer experience.
The deal also supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. With about 15 million people living in the diaspora, remittances play an important role in Nigeria’s economy. The World Bank estimated that in 2017, Nigeria received $22 billion in remittances, making it the largest recipient in Africa.
The Executive Director at Access Bank, Victor Etuokwu, said “as a top player in the remittance industry in Nigeria, our extensive brach network and large customer base will be invaluable to this partnership, and we are confident that this relationship will be mutually beneficial to both parties. This alliance also supports Access bank’s aspiration of being Africa’s gateway to the world”.
The Regional Director of Africa and the Middle East at WorldRemit, Andrew Stewart, said “Nigeria remains our largest market in Africa, accounting for one quarter of all transactions transferred to the continent, and this partnership will support the country’s transition from off-line remittances to online, safer, faster and lower cost money transfer methods”.