Polaris Complies with CBN’s Directive on Diaspora Remittances

Polaris Bank said it has commenced payment of US dollars to all beneficiaries of money transfer across all its branches in Nigeria.

According to a notice from the bank sent to its customers, beneficiaries of money transfer can now receive their remittance in US dollars in cash or directly into a domiciliary account in the bank.

The service is also open to both account and non-account holders alike.

The amendment to the payout policy was in line with the Central Bank of Nigeria’s recent directive which allows recipients of money transfer from anywhere in the World to receive their funds in US dollars from any branch of the Bank in the country.

Polaris Bank’s Group Head, Product and Market Development, Mrs. Adebimpe Ihekuna further disclosed that all beneficiaries are able to receive their funds conveniently in dollars within minutes with a valid identification, including BVN.

She urged Nigerians in the Diaspora and their beneficiaries to take advantage of the seamless remittance dollar cash payout option service in the Bank to receive their transfers this festive season.

Ihekuna, explained that Polaris Bank has existing relationship with all leading and licensed global money transfer operators, which makes it easy for Nigerians to receive money through the Polaris Bank.

She further added that the Bank’s large network of over 300 branches and dedicated money transfer locations across major cities makes the option of receiving transfer through Polaris Bank very convenient for beneficiaries.

With over 15 million Nigerians’ in the Diaspora and an estimated $25 billion in annual remittances, Nigeria is the fifth largest receiver of diaspora remittances in the World.

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