First Bank partners with World Remit to ‘strengthen’ digital money transfer

First Bank of Nigeria Limited has announced a partnership with World Remit, an international digital money transfer service, for an instant transfer service to its customers in Nigeria.

The new service was launched at First Bank’s head office in Lagos on Tuesday.

Speaking at the launch, Gbenga Shobo, deputy managing director, First Bank, said the partnership is one of the ways the bank provides value to its customers.

He said the “digitisation” of the service makes it unique and would increase its appeal to its teeming customers across the world.

“The World Remit- First Bank partnership signifies another landmark in First Bank’s virtual payments and money transfer services in Nigeria,” he said.

“First Bank has extended its frontiers to World Remit in order to leverage the wide e-platform capabilities it offers, to further ease the money transfer process for our numerous customers across the globe.

“World Remit’s mobile-first digital model complements First Bank’s digital strategy to drive convenient banking transactions from the comfort of homes and offices using the First Mobile and First Online Banking platforms.”

Andrew Stewart, regional head of Middle East & Africa at World Remit, said remittances play an important role in the growth of Nigeria’s economy.

He said outbound remittances (from Nigeria to other countries) are not on offer currently, but would be explored in the near future in 13 African countries including Nigeria.

“Nigeria remains our largest and fastest growing market in Africa and World Remit’s second biggest market globally,” he said.

“This is a key partnership in the country that will further support Nigeria’s transition from offline remittances to online safer, faster and lower-cost money transfer methods.

“I am proud to announce that we are exploring what we believe to be significant intra-Africa or out of Africa opportunities.”

With the World Remit application, users in over 50 countries abroad can send money from their phones, directly to First Bank Account holders in Nigeria via card or bank transfers.

The bank said service which is in line with the Central Bank of Nigeria’s Financial System Strategy 2020 (FSS 2020) aims to “drive convenience and ease of banking” for Nigerians.