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Lagos and London, 5 June 2018 – Leading digital money transfer service WorldRemit has joined forces with First Bank of Nigeria Limited (FirstBank) for instant money transfers directly to FirstBank accounts in Nigeria.
The new strategic partnership considerably expands WorldRemit’s footprint and allows its customers in over 50 countries to send money to FirstBank accounts directly from their phones. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. FirstBank is collaborating with WorldRemit to drive convenience and ease of banking for its teeming customers as well as provide the much-needed push for financial inclusion initiatives. Established since 1894 and with footprints in 6 African countries and a full-fledged branch in London, FirstBank has over 14 million customer accounts and more than 750 business locations providing a comprehensive range of retail and corporate financial services across these markets.
With a diaspora of over 15 million people living in countries such as the United States, the United Kingdom and Germany, remittances play an increasingly important role in Nigeria’s economy. The World Bank estimates that in 2017 alone, Nigeria received over $22 billion in remittances, making it the largest recipient in Africa. Sub-Saharan Africa still remains the most expensive region to send remittances to, with an average cost of 9.4 percent for sending $200, according to the World Bank. WorldRemit’s mobile-first, digital model provides migrants abroad with an affordable means of sending money, in a few taps directly from their phones – without the inconvenience of visiting brick and mortar agent locations. WorldRemit customers’ complete over 1 million transfers every month from 50 send countries to over 145 destinations. More than half of these transfers go to Africa.
Andrew Stewart, Regional Head of Middle East & Africa at WorldRemit, said: “We are delighted to be partnering with First Bank, one of Nigeria’s leading banks, to give its 14 million customers access to our best in class money transfer experience. Nigeria remains our largest and fastest growing market in Africa and WorldRemit’s second biggest market globally. This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”
According to Abiodun Famuyiwa, Group Head, Products and Marketing Support at FirstBank, the Bank is excited to be working WorldRemit in delivering swift digital remittances to its customers in Nigeria. This partnership is one of the numerous ways the Bank would continue to put customers first by leading the industry in the use of technology to provide safe, convenient and fast banking solutions
To find out how to send money to Nigeria please visit https://www.worldremit.com/en/nigeria
About WorldRemit
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
- Transfers to most countries are instant – send money like an instant message.
- More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).
- Available in over 50 countries and 145+ destinations.
- Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.
About FirstBank
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria. With some 14 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; and “Best Retail Bank in Nigeria” for seven consecutive years, 2011 – 2017, by the Asian Banker International Excellence in Retail Financial Services Awards. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
Media Contacts
WorldRemit
Lucas Germanos
Head of PR and Global Media Relations
FirstBank
Babatunde Lasaki
Head of Media and External Relations
