Digital money transfer service WorldRemit has partnered with Access Bank for instant money transfers to Access Bank accounts in Nigeria.
The partnership further expands WorldRemit’s presence in Nigeria, allowing its customers in over 50 countries to send money to millions of Access Bank accounts directly from their phones.
Access Bank is one of the commercial banks in Nigeria, with a network of millions of customer accounts. The new partnership with WorldRemit is expected to increase convenience and ease of banking for Access Bank’s customers in Nigeria as well as support the country’s efforts to achieve financial inclusion.
Plans to grow the partnership will connect over 15 million Access Bank customers in Nigeria, Democratic Republic of the Congo, Ghana, Rwanda, the Gambia, Sierra Leone and Zambia to WorldRemit’s best in class online money transfer experience. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
With a diaspora of 15 million people living in countries including the United States, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received $22 billion in remittances, making it the largest recipient in Africa.
Andrew Stewart, Managing Director for Middle East and Africa at WorldRemit, comments: “We are delighted to be partnering with Access Bank, a leading commercial bank in Nigeria with a strong presence across Africa.
“Nigeria remains our largest market in Africa, accounting for one quarter of all transactions to the continent, and this partnership will support the country’s transition from offline remittances to online, safer, faster and lower-cost money transfer methods.”
Victor Etuokwu, Executive Director at Access Bank Plc, said: “It is with great pleasure that Access Bank Plc is partnering with WorldRemit, a reputable global payment service, to provide our customers with secure and reliable international money transfers.
“As a top player in the remittance industry in Nigeria, our extensive branch network and large customer base will be invaluable to this partnership, and we are confident that this relationship will be mutually beneficial to both parties. This alliance also supports Access Bank’s aspiration of being Africa’s gateway to the world.”
Last year WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal. WorldRemit customers complete one million transfers every month from over 50 countries to over 145 destinations. More than half of its transfers go to Africa.