WorldRemit, a global cross-border payments company, a leading global cross-border payments company, has said it will support the Central Bank of Nigeria’s decision to extend the deadline of the Naira-4-Scheme that was introduced in March 2021.
The CBN had on May 6 announced that it had extended indefinitely the scheme, which was initially scheduled to end on May 8.
The company said in a statement on Monday that it would continue to reward customers who receive international money transfers through partner banks in Nigeria.
As one of the fully-registered and licenced IMTOs operating in Nigeria, money transfers made through WorldRemit will benefit from this incentive. WorldRemit customers will receive ₦5 for every US$1 received through the fully digital international payments platform, thereby increasing the value of payouts for recipients.
“WorldRemit customers will receive N5 for every $1 received through the fully digital international payments platform, thereby increasing the value of payouts for recipients,” the company said.
It noted that the scheme was launched as a strategy to maintain the increased levels of payments recorded earlier in the year and encourage the use of licensed IMTOs.
“The CBN believes this incentive will improve FX inflows and boost liquidity in the foreign exchange market,” it said.
Commenting on this development, the Country Manager for Nigeria and Ghana at WorldRemit, Gbenga Okejimi, said, “The CBN’s decision to extend its Naira-for-Dollar scheme is indeed a development we will continue to support. We are delighted to be part of an initiative that presents a win-win situation for all key parties involved including the government, the senders and the recipient who receives a higher value of payout than expected.
“Customer and community satisfaction form a key aspect of our operations and we will continue to support this and similar initiatives as they present themselves.”
WorldRemit said as part of efforts to fulfil its transformative role as a fintech company driving economic growth for the benefit of recipients and senders, it continued to quickly adapt to and implement regulatory directives that are beneficial to customers.