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Payments General

WorldRemit launches service for business payments to Nigeria

Wednesday 19 June 2019 | 08:42 AM CET

UK-based money transfer service WorldRemit has launched a service that enables Nigerian SMEs to pay employees and contractors in 140 countries worldwide.

This includes fast-growing markets such as Nigeria, Ghana, Kenya, and South Africa. The platform will first be available to UK registered businesses. WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app. By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.

Each year, the UK imports 2 billion in goods and services from Nigeria, where SMEs account for 96% of businesses and 84% of employment. WorldRemit for Business will make it easier individuals to receive payment by UK-based partners via bank transfer to GT Bank accounts. While some banks can take up to one week to process payments, WorldRemit transfers to Nigeria are processed instantly.

Customers sending funds abroad can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money abroad at the optimal time.

More: Link
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