First Bank Partners World Remit on Digital Money Transfers

Ugo Aliogo

First Bank of Nigeria Limited has partnered World Remit to launch digital Money transfer services in Nigeria.
The bank explained that the move was part of its commitment to improving virtual payment and money transfer services in the country and the global financial space.

Disclosing this to journalists yesterday in Lagos at a media briefing, the Deputy Managing Director, First Bank of Nigeria Limited, Mr. Gbenga Shobo, said over the years, the bank has taken the lead in providing relevant e-payment options for its customers.

He recalled that the bank pioneered the Western Union Money Transfer in 1996, Transfast Money Transfer, MoneyGram, Ria, PayPal, Pay Attitude “and now we are partnering with WorldRemit.”

He also stated that the bank has extended its frontiers to WorldRemit in order to leverage the wide e-platform capabilities it offers to further ease the money transfer process for their numerous customers across the globe who seek new and easier payment transaction options regularly.

Shobo explained that WorldRemit’s mobile-first, digital model complements the bank’s digital strategy to drive convenient banking transactions from the comfort of homes and offices using the FirstMobile and FirstOnline banking platforms.

According to him, “People from some of the 50 countries across the world where WorldRemit operates can now send money directly from their mobile phones into FirstBank accounts in Nigeria without visiting brick and mortar agent locations; and this is the first of its kind in money transfer business in our country.

“It is worthy of note that this service is available to senders in 50 countries and over 145 destinations across Europe, Asia, Africa, Australia and the Americas. At FirstBank, we are excited at this partnership. Our brand promise is to always deliver the ultimate ‘gold standard’ of value and excellence; and this collaboration with WorldRemit is one of the many ways we provide value to our customers as we continue to devise innovative ways to provide convenience and ease of banking for them.”

In his remark, the Regional, Head of Middle East and Africa, WorldRemit, Andrew Stewart, said Worldremit is the leading digital money transfer service that makes sending money as easy as instant message, adding that majority of its customers are migrant workers who send money back home to support friends and family, “users can even pay school fees, utility bills, and groceries using their mobile phones.”

He remarked that they are currently in more than 50 countries and more than 145 receiving destinations, leading the shift to online and mobile transfers and improving speed and convenience for users, while lowering costs.
Stewart further stated that on the sending side they are 100 percent digital, noting that for those receiving money, Worldremit offers a wide range of options including bank deposit, cash collection and mobile airtime top-up and mobile money.

Stewart added: “Worldremit first launched transfers to Nigeria in 2011. We are proud to partner with all major banks including First Bank, GT Bank, Access Bank, Ecobank and more. Our service in Nigeria is growing at very quickly driven by key partnership with local correspondents, our low fees and our mobile-first approach.”