Sunday, 21 February 2021

World Remit Now Aligns with CBN on new Dollar Account Opening


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The cross-border digital payment service, World Remit, described the decision of the Central Bank of Nigeria, CBN, to force commercial banks to open dollar accounts for customers who lack time and capacity.
World Remit Now Aligns with CBN on new Dollar Account Opening


The director of the state, World Remit, Nigeria and Ghana, Gbenga Okejimi, said the move would improve payments for those receiving support from family and friends abroad.

CBN recently announced that all Nigerian banks will have a mandate to facilitate money transfers by automatically opening bank accounts in U.S. dollars for those who do not currently have U.S. dollar accounts.

The central bank also said a withdrawal limit of $ 2,000 would apply to those accounts.

This development, according to the regulator, would guarantee the success of the international money transfer process even if senders entered Naire account data for transactions.

Commenting further, Okejimi said: “We are pleased to continue to be able to allow the transfer of funds to more people in Nigeria while supporting the Nigerian government in its efforts to strengthen the economy.

“When our founder came up with the idea to create World Remit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform. I am proud to say that we are constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently.”

WorldRemit recently announced the expansion of its US Dollar payout option with nine of its existing bank partners. This development makes it an International Money Transfer Organisations (IMTO) with one of the broadest and largest USD payout networks in Nigeria.

Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. Those receiving transfers into Union Bank, Polaris Bank and Zenith Bank accounts can access USD payout only through the cash pickup option.





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