- Access Bank has millions of account holders in Nigeria
- WorldRemit customers will be able to send money to loved ones from over 50 nations
- Nigeria is currently WorldRemit’s largest market in Africa
Cross-border payments brand WorldRemit just inked a deal with Nigeria’s Access Bank, a development that will further expand the fintech’s reach within the country. The partnership will make it easier for senders to transfer funds straight to bank accounts under Access Bank, according to reports, and WorldRemit customers will be able to do this from over 50 countries just by using their mobile phones.
Wider reach
Access Bank is one of the major banking institutions in the country and it is trusted by millions of Nigerians. Armed with over 340 branches in Nigeria, their deal with WorldRemit will make it more convenient for recipients to receive remittances from loved ones working and living abroad. A top player in Nigeria’s remittance industry, Access Bank aspires to become “Africa’s gateway to the world”, according to its executive director Victor Etuokwu. Fintech observers in Nigeria say that the newly inked partnership also supports government efforts for Nigeria’s financial inclusion in the world stage.
The deal will connect WorldRemit to more than 15 million Access Bank account holders not only in Nigeria but also in other African nations. This includes the Democratic Republic of Congo, Rwanda, Ghana, Gambia, Zambia, and Sierra Leone. WorldRemit representatives note that their partnership with Access Bank is in line with WorldRemit’s goals as the brand plans to serve as many as 10 million customers by the year 2020.
A burgeoning remittance market
Nigeria, in particular, has a growing migrant population, according to the World Bank. Based on 2017 data, there are over 15 million Nigerians living in Canada, Australia, the United Kingdom, and the United States. In 2017 alone, remittances received by Nigerians amounted to $22 billion, making Nigeria the largest remittance recipient in the continent.
WorldRemit’s regional director of Africa and the Middle East Andrew Stewart said: “We are delighted to be partnering with Access Bank, a leading commercial bank in Nigeria with a strong presence across Africa.” Stewart added that Nigeria is the brand’s “largest market in Africa” as it accounts for 25% of all international money transfer transactions to the continent. The partnership will also make sending money to Nigeria a lot safer. WorldRemit representatives also add that the deal will make settlement periods faster than they were before and the fees more affordable than traditional money transfer methods.
Etuokwu is quite happy about the deal as well. He said during an interview that WorldRemit is a “reputable global payment service” that will help the bank provide “secure and reliable international money transfers”. He notes that the bank’s participation will give WorldRemit a wider reach in the region but adds that it is also very beneficial for the bank’s customers.
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