A press release reaching us today states that WorldRemit,a global money transfer app, today introduced instant transfers to Nigeria. In addition to its same-day bank transfer service, WorldRemit now 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. Recipients can collect money instantly from 140 branches of Skye Bank. WorldRemit customers currently send over 400,000 transactions every month.
Nigerians living abroad sent home $20.8 billion in 2015, by far the largest volume of remittances to any country in Africa and the 6th largest in the world, according to the World Bank.
Ismail Ahmed, WorldRemit’s CEO & Founder, comments: “Gone are the days of queuing in line at a high-street transfer shop and waiting several days for a money transfer to arrive. At WorldRemit, we offer people a choice of the most convenient ways to send and receive money. Today, Nigerians can use our app or website to send money to a bank account or cash pickup location, instantly.”
In February 2015, WorldRemit received a $100m funding round led by Technology Crossover Ventures, early investors of Facebook, Spotify, and Dropbox.
In June 2015, WorldRemit was recognised by United Nations agency IFAD for shaking up the global money transfer industry. WorldRemit offers a convenient mobile service and low minimum fees, allowing people to send smaller amounts, more frequently: Fees for transfers to Nigeria start at 0.95 EUR and 0.99 GBP respectively.