Remittance company WorldRemit inked a deal with Nigeria-headquartered First Bank, a move it said would increase the availability of cash transfers into the country made from mobile handsets across the world.
In a statement, WorldRemit said the expansion of its partner network in Nigeria to include First Bank – one of the country’s largest financial services providers – would benefit customers in over 50 countries.
Countries cited as the most likely origination point of funds into Nigeria are the US, UK and Germany. World Bank estimates Nigeria is the largest recipient of remittances in Africa with $22 billion transferred into the country during 2017.
WorldRemit said the deal contributes towards its target of connecting 10 million customers to emerging markets by 2020. As part of this drive, over the last 12 months the company signed a number of deals including: international MVNO Lebara; Wari in Senegal; and National Bank of Kenya.
Andrew Stewart, WorldRemit’s regional head of the Middle East and Africa said: “Nigeria remains our largest and fastest growing market in Africa and WorldRemit’s second biggest market globally. This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”
First Bank’s own data places it as one of the largest banks in Nigeria, with 10 million active customer accounts.