First Bank of Nigeria has teamed up with digital money transfer service WorldRemit to facilitate instant money transfers to Nigeria.
The partnership will enable WorldRemit customers located across more than 50 countries to transfer money to their First Bank accounts using their phones.
Nigeria has a diaspora of over 15 million people located in countries including the US, the UK, and Germany. According to estimates by the World Bank, the country received more than $22bn in remittances last year.
The collaboration with First Bank aligns with WorldRemit’s strategy to meet the needs of 10 million customers connected to emerging markets by 2020.
WorldRemit Middle East and Africa regional head Andrew Stewart 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.”
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Founded in 1894, First Bank has more than 14 million customer accounts and operations in six African countries. The bank, which also has a branch in London, offers retail and corporate financial services to customers through more than 750 locations.