WorldRemit cuts international transfer cost to Nigerians

WorldRemit, a digital payments company, has announced the launch of its new zero per cent pricing for international transfers to Nigeria. The new lowered price allows customers to send more to family and friends in Nigeria with no fees and foreign exchange margins.

This major price drop forms part of a new pricing restructure and represents the largest pricing reduction in terms of the number of corridors for the business. The new zero percent pricing is in line with WorldRemit’s commitment to supporting remittance flows to Nigeria and helping the diaspora community to supplement and support family and friends back home.

The Economist reported in 2018, remittances to Nigeria totaled USD 24billion while the Nigerian Federation Account reported receipts from crude oil sales, tax and custom collections totalling approximately USD 10.8billion. This shows that the greatest export of Nigeria is actually Human Capital and not Oil. Through its innovative service offering, WorldRemit customers have been able to support family and friends with essentials, medical and educational needs.

Speaking on this announcement, Country Manager, Nigeria and Ghana, WorldRemit, Gbenga Okejimi, said: “As a forward-thinking company, WorldRemit continues to seek opportunities and innovative ways to keep people connected around the world while offering them a top-class fast, safe and simple way to send international remittances. We believe in helping our customers to access and enjoy the rewards of their hard work and this initiative will ensure they are able to access value even as COVID-19 has financially affected those in both in the diaspora and at home”.

Director of Pricing at WorldRemit, Sam Talukdar, said: “One of our goals is to accelerate financial inclusion by reducing transaction costs to Sub-Saharan Africa, which remains the most expensive region for remittances. In the last 12 months, we have witnessed a strong uptick in new customers using our platform, which in turn has helped to drive down our overall costs. We are committed to making remittances more affordable, so we have shared our savings with our customers, allowing them to send more money for less.”