For long, receiving money from overseas in Nigeria was more like an extreme sport. With companies like PayPal cutting Nigeria off totally from receiving money through its platform to others charging exorbitant rates in commissions. All these have posed a challenge to Nigerians who have businesses to do with people on the other side. But not anymore!
WorldRemit has come to the rescue, offering remittance services in a way Nigerians have not had it before – just the better alternative needed. The London based company was founded in 2010, by Ismael Ahmed, Catherine Wines and Richard Igoe, to create a global digital alternative in the international payment system. An aim it has achieved with its operation in 150 countries in the world, making remittances in over ninety currencies.
With over $375 million in equity financing, WorldRemit is expanding like wildfire, and its method and charges are enticing. The exchange rate for each country is shown before you initiate a transaction, giving you the choice to decide which of its methods you would use. It’s a three-way thing.
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Bank Transfer
This method allows you to transfer funds to any account in major Nigerian Banks using the WorldRemit app or its website. The process involves sending the money first to WorldRemit who will then forward it to the receiver’s account. And the sender and receiver will get SMS notification of the transaction.
Cash pickup
This technique allows you to send money to people without going through the Bank process. This is how it works:
- Create an account
- Select country
- Enter the amount
- Enter your receiver’s details
- Pay.
Then you have to send the reference number of the transaction to the recipient who is required to claim the money with a government issued ID. This works faster with FCMB.
Mobile money
This offers alternative in countries where bank transfer is not available. Here is how it works:
The recipient must have mobile money account to enable transaction.
- Select country
- Enter amount
- Enter receiver’s details
- Pay.
There is also Airtime Top UP to complement the other three.
With over 4 million users worldwide, WorldRemit is challenging the status quo that has sidelined many countries and give narrowed choices to many businesses. Adding Nigeria to its number of growing countries is a long awaited succor to remittance plights.
WorldRemit is approved and regulated by the Financial Conduct Authority (FCA), and the app is available on Android and IPhone operating systems.