LONDON – WorldRemit, the global remittance platform within Zepz, announced Naira currency remittances as an expanded offering for Nigerian customers, available through bank transfer, airtime top up and at all cash pick-up locations throughout the country.
More than US$20 billion dollars was remitted into Nigeria last year by the nearly 1.5 million Nigerian migrants around the world, making the nation the 8th largest remittance-receiving country globally. Remittances account for more than 4% of Nigeria’s total economy, making the swift, effective delivery of funds vital at an individual level, but also as a driver of economic stability for the nation.
With the ability to send funds in Naira, Nigerians are now able to make a greater impact with their monies, and take advantage of lucrative exchange rates into the nation. We know that 1 in 9 people worldwide rely on money sent from friends and relatives who have migrated abroad for work. This allows migrants to make a world of difference with their regular remittance behaviours, and allow the recipients to do more with their received monies.
The International Monetary Fund has issued warnings to Nigeria against the movement towards dollarisation, as it has increased black market money movement, destabilised the role of the exchange rate, and created unrest for those who rely on remittances. With the newly appointed Central Bank of Nigeria governor’s shift towards creating a safer path for Naira currency, Nigerians are able to feel safer about how they move money to their loved ones.
“With every innovation and feature we develop and invest in, customer needs are at the forefront of our minds,” said Mark Lenhard, CEO, Zepz. “Enabling Naira currency for this expansive community is a necessary and obvious choice to ensure Nigerians around the world are able to access reliable, safe methods of money movement.”
To send money in Naira, WorldRemit users simply select ‘Nigeria NGN’ and then have the option to select Cash Pick-Up for the receive method. In most cases, transfers sent using WorldRemit arrive within minutes, making sending money to loved ones easier than ever.
