Fidelity Bank has partnered WorldRemit, a digital money transfer service, to enable customers in over 50 countries send money instantly to bank accounts in Nigeria directly from their mobile phones The new partnership further expands WorldRemit’s footprint in the country and allows the 15 million- Nigerian diaspora living in over 50 countries, including the United States, the United Kingdom, and Germany, to send money directly from their phones to recipients in Nigeria.
The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020. Remittances play an increasingly important role in Nigeria’s economy and the World Bank estimates that in 2017 alone, Nigeria received over $22 billion in remittances, making it the largest recipient in Africa and fifth largest recipient globally.
Speaking on the partnership, regional director of Africa and the Middle East at WorldRemit, Andrew Stewart, said, “Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally. “We are 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.”
On his part, managing director and chief executive of Fidelity Bank Plc, Nnamdi Okonkwo, said, “WorldRemit offers a low-cost way to send and receive money. 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. “Fidelity Bank is committed to innovating its digital products to provide convenience and ease of banking for its customers. The collaboration with WorldRemit supports Fidelity Bank’s dedication to innovation and increasing financial inclusion.”