The partnership is aimed to expand WorldRemit’s footprint in the country and allows its customers in over 50 countries to send money to First Bank accounts directly from their phones. The deal supports WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.
Established in 1894, with footprint in six African countries and a branch in London, First Bank has over 14 million customer accounts and more than 750 business locations, providing a wide range of retail and corporate financial services across these markets.
With a diaspora of over 15 million people living in countries such as the US, the UK and Germany, remittances play an important role in Nigeria’s economy. The World Bank estimates that in 2017 alone Nigeria received over USD 22 billion in remittances, making it the largest recipient in Africa.
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