WorldRemit welcomes CBN mandate on new dollar bank accounts

WorldRemit, a cross-border digital payments service, has described as a welcome development the Central Bank of Nigeria’s announcement that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US dollar bank accounts for those who do not currently have.

“This development ensures that all international money transfers will be successfully processed even if senders enter Naira account details for transactions,” it said in a statement on Wednesday.

It noted that the CBN also stated that a $2,000 withdrawal limit would apply to the accounts.

According to the statement, the apex bank has said these changes will ensure that transactions do not fail due to a recipient not having a US dollar bank account.

WorldRemit said the development would also introduce transparency by guaranteeing that all recipients receive an exchange rate that reflects the market rate.

The Country Manager, Nigeria and Ghana, at WorldRemit, Gbenga Okejimi, said, “We are very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf. This development will make all the difference to those who receive support from family and friends abroad.

“For our part, we are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria whilst also supporting the Nigerian government in its efforts to strengthen the economy.”

He said when the founder came up with the idea to create WorldRemit, it was with the ultimate goal of ensuring that the diaspora community could send money back home easily and through a safe platform.

“I am proud to say that we are constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently,” Okejimi added.

According to the statement, WorldRemit recently announced the expansion of its US dollar payout option with nine of its existing bank partners.

It said the development made it an international money transfer organisations with one of the broadest and largest US dollar payout networks in Nigeria. 

“Customers of FCMB, First Bank, Access Bank, Fidelity Bank, GT Bank and UBA can now also access USD payout through the bank transfer and cash pickup options. Those receiving transfers into Union Bank, Polaris Bank and Zenith Bank simulated ₦52.57 ▲0.72% accounts can access USD payout only through the cash pickup option,” WorldRemit added.