World Remit Extends Naira-4-Dollar Scheme

By Omolabake Fasogbon

Leading global cross-border payments company, World Remit has said that it would continue to reward customers who receive international money transfers through partner banks in Nigeria.

This is as the Central Bank of Nigeria, CBN had directed that the Naira 4 Dollar incentive be extended till further notice.

The regulator had earlier fixed May 8 for the scheme to elapse which for obvious reasons, later called for its continuity till further notice.

According to the organisation, its customers will receive N5 for every US$1 received through its digital international payments platform, thereby increasing the value of payouts for recipients.

The scheme was launched as a strategy to maintain the increased levels of payments recorded earlier in the year and encourage the use of licensed International Money Transfer Operators (IMTO).

Commenting on the development, Country Manager for Nigeria and Ghana at WorldRemit, Gbenga Okejimi said, “The CBN’s decision to extend its Naira for Dollar scheme is indeed a development we will continue to support. We are delighted to be part of an initiative that presents a win-win situation for all key parties involved including the government, the senders and the recipient who receives a higher value of payout than expected.

“Customer and community satisfaction form a key aspect of our operations and we will continue to support this and similar initiatives as they present themselves.”

He added that the organisation would continue to adjust to and implement regulatory directives that are beneficial to customers.

Last year, WorldRemit was the first IMTO to implement CBN’s Naira 4 Dollar directive to deliver bank transfers in USD for all recipients in Nigeria, and currently has one of the broadest and largest USD payout networks across the country.