- Digital money transfer brand WorldRemit is officially a partner of Nigeria’s Fidelity Bank
- The partnership is expected to serve four million accounts
- WorldRemit’s platform will allow more Nigerians to send remittances directly from their smartphones
Nigeria’s Fidelity Bank and international money transfer company WorldRemit just signed a partnership deal to serve four million Fidelity Bank accounts, allowing WorldRemit to expand its footprint in the country.
With 15 million Nigerians living and working abroad, the service is a much needed development since many Nigerian households rely on remittances to pay for their daily needs.
WorldRemit’s plan to expand its reach to 10 million customers in developing nations by 2020 is coming to fruition thanks to the Fidelity Bank deal, but it’s not just the brand and the bank that will benefit.
International money transfers are important contributors to Nigeria’s GDP but Dilip Ratha, the lead author of the Worldbank’s Migration and Development Brief, says: “While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money. Eliminating exclusivity contracts to improve market competition and introducing more efficient technology are high-priority issues.”
This is precisely what WorldRemit and Fidelity are trying to address, according to experts.
In an interview, WorldRemit’s Regional Director of Africa and the Middle East Andrew Stewart said: “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.”
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