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First Bank, World Remit collaborate on digital money transfers

First Bank of Nigeria Limited has struck a partnership with WorldRemit to provide digital money transfer service to its customers.

The Deputy Managing Director, First Bank of Nigeria, Mr. Gbenga Shobo, described the initiative as a collaboration of industry leaders.

“The WorldRemit/FirstBank partnership signifies another landmark in FirstBank’s virtual payment and money transfer services in the Nigerian and global financial space,” he said on Tuesday at the launch in Lagos.

He said the bank had, over the years, taken the lead in providing relevant e-payment options for its customers.

Shobo said, “We pioneered with Western Union Money Transfer in 1996, then Transfast Money Transfer, MoneyGram, Ria, PayPal, Pay Attitude and now, WorldRemit.

“FirstBank has extended its frontiers to WorldRemit 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 who seek new and easier payment transaction options regularly.”

According to him, WorldRemit’s mobile-first, digital model complements FirstBank’s digital strategy to drive convenient banking transactions from the comfort of homes and offices using the FirstMobile and FirstOnline banking platforms.

Shobo said, “People from some of the 50 countries across the world where WorldRemit operates can now send money directly from their mobile phones into FirstBank accounts in Nigeria without visiting brick-and-mortar agent locations, and this is the first of its kind in money transfer business in our country.”

“It is worthy of note that this service is available to senders in 50 countries and over 145 destinations across Europe, Asia, Africa, Australia and the Americas. At FirstBank, we are excited at this partnership. Our brand promise is to always deliver the ultimate ‘gold standard’ of value and excellence, and this collaboration with WorldRemit is one of the many ways we provide value to our customers as we continue to devise innovative ways to provide convenience and ease of banking for them.”

The Regional Head, Middle East and Africa at WorldRemit, Andrew Stewart, said the new partnership would considerably expand the company’s footprint in the country, allowing its customers in over 50 countries to send money to First Bank accounts directly from their phones.

He said the deal would support WorldRemit’s plan to serve 10 million customers connected to emerging markets by 2020.

 Stewart said, “We are delighted to be partnering First Bank, one of Nigeria’s leading banks, to give its 14 million customers access to our best-in-class money transfer experience. Nigeria remains our largest and fastest growing market in Africa, and WorldRemit’s second biggest market globally.

“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.”