WorldRemit has launched instant transfers to Nigeria, in addition to its same-day bank transfer service. The London-based fintech said that the new service allows people to send money to more than 140 cash pickup locations in Nigeria, instantly.
People in more than 50 countries can use the app to send to Nigeria, while recipients can collect money instantly from 140 branches of Skye Bank. Fees for transfers to Nigeria start at €0.95 and £0.99 respectively.
Nigerians living abroad sent home a total of US$20.8bn in 2015; by far the largest volume of remittances to any country in Africa and the sixth largest in the world, according to the World Bank.
WorldRemit added that its transfers are now available in over 50 countries to more than 125 destinations globally. Recipients can choose between options that include Mobile Money, bank transfer, cash pickup and mobile airtime top-up. The company, which was named the UK’s fastest-growing technology company in the ‘Deloitte Technology Fast 50’ in 2015, currently enables a total of over 400,000 transactions each month.
“Gone are the days of queuing in line at a high-street transfer shop and waiting several days for a money transfer to arrive,” said Ismail Ahmed, WorldRemit’s chief executive officer (CEO) and founder. “Today, Nigerians can use our app or website to send money to a bank account or cash pickup location, instantly.”
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Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.