WorldRemit expands footprint in Nigeria, seals partnership deal with Fidelity Bank
New window of opportunity in seamless instant money transfers to Nigeria by citizens in Diaspora has landed in Fidelity Bank following the sealing of partnership understanding with global digital money transfer giant, WorldRemit Group.
Apart from deepening the leadership of Fidelity Bank in digital service delivery, the deal will further widen WorldRemit footprints in Nigeria as the understanding will provide easy fund transfer access to the over 15 million-strong Nigerian Diaspora living in over 50 countries.
With the deal, Nigerians and friends living abroad can now send money directly from their phones to recipients here in Nigeria in a swift.
Business Hilights recalls that in the few years when financial services went digital, remittances play increasingly important roles in Nigeria’s economy as an estimated N22 billion was remitted by Nigerians in Diaspora in 2017.
Besides, the World Bank estimates that in 2017 alone, Nigeria received over $22billion in remittances, making it the largest recipient in Africa and fifth largest recipient globally.
By the reason of the latest partnership, industry followers say it will further boost WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020, and boosts Fidelity Bank’s dedication to innovation and increasing financial inclusion.
On the other hand, the symbiotic understanding will further lift Fidelity Bank and make it inch closer to joining the ‘big boys’ in Tier 1 banking category after all.
This is against the background of the bank being one of the largest banks in Nigeria with an extensive network of branches across the country.
As the bank begins it next strategic four-year development plan, the Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo in a recent media chat averred that the bank is committed to innovative digital products that provide convenience and ease of banking for its customers.
Explaining more in his remarks on the new deal with Fidelity Bank, Regional Director of Africa and the Middle East at WorldRemit, Mr. Andrew Stewart, argued that “Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally”.
He noted that his company is delighted to be partnering with Fidelity, a leading bank in Nigeria, and a major player in the remittance business, to introduce its customers to our best in class online money transfer service, which offers a safer, faster and more cost-effective way to send and receive funds.
In his comments, Okonkwo said “WorldRemit offers a low-cost way to send and receive money,” stressing that “The opportunity for our customers to receive money from over 50 countries in a quick, affordable and convenient manner with WorldRemit is in line with our promise to deliver a new standard of service in the financial services industry.”
