WorldRemit to continue offering Naira 4 Dollar in Nigeria

WorldRemit, a leading global cross-border payments company, will continue to reward customers who receive international money transfers through partner banks in Nigeria.

As one of the fully-registered and licenced IMTOs operating in Nigeria, money transfers made through WorldRemit will benefit from this incentive. WorldRemit customers will receive ₦5 for every US$1 received through the fully digital international payments platform, thereby increasing the value of payouts for recipients.

This follows the extension of the Central Bank of Nigeria’s (CBN) Naira for Dollar scheme. The scheme, which was launched on March 8 2021, will run indefinitely following a notice released by the apex bank.

The Naira 4 Dollar scheme was launched as a strategy to maintain the increased levels of payments recorded earlier in the year and encourage the use of licensed International Money Transfer Operators (IMTO) like WorldRemit. The CBN believes this incentive will improve FX inflows and boost liquidity in the foreign exchange market.

Commenting on this development, Gbenga Okejimi, Country Manager for Nigeria and Ghana at WorldRemit, said: “The CBN’s decision to extend its Naira for Dollar scheme is indeed a development we will continue to support. We are delighted to be part of an initiative that presents a win-win situation for all key parties involved including the government, the senders and the recipient who receives a higher value of payout than expected.

“Customer and community satisfaction form a key aspect of our operations and we will continue to support this and similar initiatives as they present themselves.”

As part of efforts to fulfil its transformative role as a fintech company that drives economic growth for the benefit of recipients and senders alike, WorldRemit continues to quickly adapt to and implement regulatory directives that are beneficial to customers.

Last year, WorldRemit was the first IMTO to implement CBN’s Naira 4 Dollar directive to deliver bank transfers in USD for all recipients in Nigeria, and currently has one of the broadest and largest USD payout networks across the country.