WorldRemit Adds Naira Currency As Option For Transfers To Nigeria

WorldRemit has launched a new feature that allows Nigerians to send and receive remittances in Naira, Nigeria’s local currency. This service is available through bank transfers, airtime top-ups, and cash pick-up locations across the country.

The introduction of Naira currency remittances aims to empower Nigerians and enhance the impact of remittances by enabling them to make the most of their funds and take advantage of favorable exchange rates when sending money back home. Recognizing the significant number of people globally who rely on remittances from family and friends working abroad (with a ratio of 1 in 9), WorldRemit aims to facilitate meaningful financial contributions and help recipients utilize their funds more effectively.

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In 2022, Nigeria received over USD 20 billion in remittances, thanks to the contributions of nearly 1.5 million Nigerian migrants residing in various parts of the world. This makes Nigeria the eighth-largest recipient of remittances worldwide. Remittances play a vital role in the Nigerian economy, accounting for over 4% of the country’s total economic activity. Therefore, ensuring the efficient and timely delivery of funds is crucial not only at an individual level but also for the overall economic stability of the nation.

To send money in Naira using WorldRemit, users simply select ‘Nigeria NGN’ and then have the option to choose cash pick-up as the preferred method of receiving funds. In most cases, transfers made through WorldRemit are processed within minutes, making it easier than ever to send money to loved ones.

WorldRemit is a global payments company and is part of Zepz, a group that includes Sendwave and powers two leading remittance brands. Their innovative approach has disrupted the remittance industry by providing a safer, faster, and more cost-effective way to send international money transfers. They operate in over 5,000 money transfer corridors worldwide and employ a global workforce of 1,400 people.

WorldRemit’s services are 100% digital, eliminating the need for cash transactions and enhancing convenience and security. For recipients of money, WorldRemit offers a wide range of options, including bank transfers, cash pick-up, airtime top-ups, and mobile money.