WorldRemit complies with CBN new policy, pays remittances in foreign currency

Following the recent policy directive by the Central Bank of Nigeria (CBN), that now allows international money transfers to be paid in foreign currency, global digital payments firm, WorldRemit, has disclosed that its customers in Nigeria can now receive remittances in foreign currency through its cash pick up providers.

WorldRemit quickly adapted to the new requirements of the apex bank, making it the first digital service provider to offer its customers worldwide the option of cash pickup in foreign exchange in Nigeria. WorldRemit is available to Nigerians in over 50 countries around the world enabling them to send money to their families and friends in Nigeria.

The CBN had explained that the new regulation is part of its efforts to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria, which would provide increased liquidity in the foreign exchange market.

Gbenga Okejimi, country manager, Nigeria and Ghana, WorldRemit, in a statement made available to Business A.M. said this will make international payments more convenient for Nigerians during this holiday season, when the firm experiences an increase in transfers and transactions.

He further noted the financial technology platform has put in measures for customers to be able to send foreign currency for cash pick up to approximately 3,500 cash payment points around the country; adding that WorldRemit customers can continue to send money transfers quickly and securely to Nigeria via multiple payout methods such as bank accounts, cash pick up and airtime top-up.