Worldremit Introduces Money Transfer Service from South Africa to Nigeria
WorldRemit, an online money transfer service that provides international remittance services to migrant communities around the world, has launched low-cost online money transfers from South Africa to Nigeria.
Through the initiative, which will unite two of Africa’s largest economies, Nigerians in South Africa can now send money directly from their phones to all major Nigerian banks using the WorldRemit app or website.
In a statement made available to The Guardian Nigeria, the company said users can send to all major Nigerian banks including Access Bank, Fidelity Bank, First Bank, and more with just a few taps on their phones. The new digital service will reduce the cost of sending money across borders.
The prohibitive charges that individuals and businesses pay to transfer money within Africa are recognised as a major obstacle to the growing regional integration promoted by the continent-wide free-trade agreement signed in March 2018.
WorldRemit is one of the only digital money transfer services sending money from South Africa. The initiative will enable the company introduce some of the cheapest fees available on the market to send money to Nigeria at under half of the average cost.
According to the World Bank, South Africa is the most expensive G20 country to send money from. The average cost of sending $200 from South Africa to Nigeria is nearly 16 per cent, more than double the global average.