By Nse Anthony-Uko
First Bank Nigeria Limited has partnered international remittance company, WorldRemit to increase the level of diaspora remittance into the country. The partnership is expected to double the number of transactions by the digital money transfer company by the end of the year.
Speaking at the launch of the partnership in Lagos, the Regional Director, Middle East and Africa, WorldRemit, Andrew Stewart said it had done one million transactions to Nigeria in the last 12 months and with its partnership with First Bank, the figure is expected to double over the next 12 months.
According to him, WorldRemit decided to partner with First Bank due to its large customer base, as it would be able to reach out to the 14 million customers of the Bank. On his part, First Bank’s deputy managing director, Gbenga Shobo noted that the partnership would further complement the bank’s digital banking drive. WorldRemit uses a digital platform that allows Diasporans send fund from their mobile phones directly to the account of the receiver.
Nigeria is the second biggest market of the remittance company which has half of its customers in Africa helps diasporans in more than 50 countries across the globe send money to more than 145 destinations.
Shobo noted that FirstBank had taken the lead in providing e-payment options for its customers is extending its frontiers to WorldRemit in order to leverage the wide e-platform capabilities it offers to further ease the money transfer process for its customers across the globe who seek new and easier payment transaction options regularly.
“WorldRemit’s mobile-first, digital model complements FirstBanks digital strategy to drive convenient banking transactions from the comfort of homes and offices using the FirstMobile and FirstOnline banking platforms.
“People from some of the 50 countries across the world where WorldRemit operates can now send money directly from their mobile phones into FirstBank accounts in Nigeria without visiting brick and mortar agent locations; and this is the first of its kind in Money transfer business in our country” he stated.
On his part, Stewart said the remittance company is exploring options that will allow it help customers in Africa send money from their mobile phones to their wards outside the country, as it further expands its operations within the continent.
Presently, he said WorldRemit is the leading provider of remittances to Mobile Money wallets globally, connecting to over 130 million Mobile Money subscribers. The company he said had facilitated over 74 per cent of all MTO-provided international remittances to Mobile Money wallets globally in 2016.
Noting that the company has a $2.8 billion annual rate of gross value in 11 million transactions, he said WorldRemit digital remittances provides customers with low cost, simple, efficient, secure and speedy service.
Stewart said global remittances are teeming towards digital as the percentage of remittances done digitally is expected to rise over the next few years.
According to him, 95 per cent of the $600 billion global remittance is currently being done outside the digital sphere currently. This figure he said will shrink as 60 per cent of money transfers would be done through cashless means by the year 2021.