Friday, August 12Inside Business Africa

WorldRemit reaffirms commitment to CBN’s Naira 4 Dollar Scheme

Global cross-border payment company, WorldRemit, has said it would continue to reward customers who receive international money transfers through its partner banks in Nigeria.

The promise is in line with the extension of the Central Bank of Nigeria’s (CBN) Naira for Dollar Scheme. The scheme, which was launched on March 8, 2021, will run indefinitely following a notice released by the apex bank.

The Naira 4 Dollar scheme was launched as a strategy to increase diaspora remittances and discourage the use of informal routes. The CBN believes this incentive will improve FX inflows and boost liquidity in the foreign exchange market.

Country Manager for Nigeria and Ghana at WorldRemit, Gbenga Okejimi, said: “The CBN’s decision to extend the 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, senders and recipients.

“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.”

As part of efforts to fulfill its transformative role as a fintech company that drives economic growth for the benefit of recipients and senders alike, WorldRemit continues to quickly adapt 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.

Source: Guardian

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