WorldRemit partners Access Bank on money transfer in Nigeria

WorldRemit has decided to further expand its partnership by collaborating with Access bank for instant money transfer to Access Bank accounts in Nigeria.

WorldRemit disclosed in a statement that the new partnership would expand its presence in Nigeria by allowing its customers in over 50 countries to send money to millions of Access bank accounts directly from their phones.

For Access Bank, the new partnership will increase suitability and ease of banking for its Nigeria customers and also supports Nigeria’s efforts to achieve financial inclusion.

“It is with great pleasure that Access Bank Plc is partnering with WorldRemit, a reputable global payment service, to provide our customers with secure and reliable international money transfers.” Victor Etuokwu, Executive Director, Access Bank Plc, said commenting on the partnership.

“As a top player in the remittance industry in Nigeria, our extensive branch network and large customer base will be invaluable to this partnership, and we are confident that this relationship will be mutually beneficial to both parties. This alliance also supports Access Bank’s aspiration of being Africa’s gateway to the world.”

Plans to grow the partnership will connect over 15 million Access Bank customers in Nigeria, Democratic Republic of the Congo, Ghana, Rwanda, the Gambia, Sierra Leone and Zambia to WorldRemit’s best in class online money transfer experience. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy.

The World Bank estimates that in 2017 alone Nigeria received $22 billion in remittances, making it the largest recipient in Africa.

“We are delighted to be partnering with Access Bank, a leading commercial bank in Nigeria with a strong presence across Africa.” Andrew Stewart, Managing Director for Middle East and Africa at World Remit, said in a statement.

“Nigeria remains our largest market in Africa, accounting for one quarter of all transactions to the continent, and this partnership will support the country’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.” Stewart added.

WorldRemit is an online money transfer service that provides international remittance services to expatriates and migrant workers. The company had around 2 million users as of December 2017.