Strategy: Nigeria's Fidelity Bank has partnered with WorldRemit to facilitate instant money transfers

The new partnership will expand WorldRemit’s footprints in the country.

Nigeria's Fidelity Bank Plc has partnered with WorldRemit, a digital money transfer service, to facilitate instant money transfers to its 4 million customers in Nigeria.

In a statement issued by the bank, the new partnership will expand WorldRemit’s footprints in the country and allows Nigerians living in over 50 countries, including the United States, the United Kingdom, and Germany, to send money directly from their phones to recipients in Nigeria.

It said the deal will support WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

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The Managing Director/Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, said WorldRemit was offering a low-cost way to send and receive money.

According to him, the opportunity for customers to receive money from over 50 countries in a quick, affordable and convenient manner with WorldRemit is in line with the bank’s promise to deliver a new standard of service in the financial services industry.

WorldRemit allows customers to transfer money online instantly through bank deposit and airtime credit to mobile phones around the world. In Nigeria, it currently transfer instantly to all the major banks including, Access Bank, Bank PHB, Diamond Bank, Ecobank, Enterprise Bank, FCMB, Fidelity Bank, First Bank, GTB, Heritage Bank, Jaiz Bank, Keystone Bank, Mainstreet Bank, Skye Bank, Stanbic, Sterling Bank, UBA, Union Bank, Unity Bank, WEMA Bank, Zenith Bank and more.

Remittances play an increasingly important role in Nigeria’s economy. In 2017 alone, Nigeria received over $22 billion in remittances, making it the largest recipient in Africa and fifth largest recipient globally, according to World Bank estimates.

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