Nigerians in London to access WorldRemit's low cost transfer service

February 2, 2018

By Ijendu Iheaka

Over 42,000 Nigerians living in New York would now have access to send money home through an international money transfer service which WorldRemit, a leading money transfer firm has launched, the company has said.

This was contained in an email message sent to our reporter in Nigeria.

According to WorldRemit, the service would connect the state’s 42,000-strong Nigerians in diaspora especially those living in New York to its fast, low cost service.

  

WorldRemit said that the United States is the world’s biggest sender of remittance, and the amount of money sent has grown from $50 billion to $66 billion over the past five years, according to the World Bank.

"The company has been sending money to Nigeria since 2011, and handles over 100,000 transactions each month. 

"On average our Nigerian consumers saved over $87 in sending costs versus Western Union in 2017 when sending money from the United.

"WorldRemit handles a growing share of the global $600 billion remittance market. 

"Its mobile-first, digital model allows customers to complete their transactions in just a few taps from a smartphone - without the need to visit a bricks and mortar agent.".

Ismail Ahmed, founder and CEO of WorldRemit said that Millions of customers around the globe send funds to family and friends back home with WorldRemit. 

He said that New York is truly a melting pot of people and cultures and the company  is pleased to bring the benefits of its lower-cost, convenient service to all the diverse communities of New York.

At the launch, Andrew Stewart, Regional Director of Middle East & Africa at WorldRemit  said they were delighted to launch New York as a send location, connecting thousands of Nigerians living in the state to their family back home. 

"Nigeria is an important market for us and our large network of receive options across the country makes it fast and convenient to access funds sent with WorldRemit.”

"The company started its money transfer operations in the US in 2014. With the addition of New York, the US is set to become WorldRemit’s largest send market - it is already one of the company’s fastest growing send markets with more than 200% year on year growth," he said.

  

Founded by entrepreneur Ismail Ahmed in 2010, WorldRemit has secured $220 million in funding rounds led by Accel and TCV - early investors in Facebook, Spotify, Netflix and Slack.

WorldRemit says that Nigerians make up the largest African diaspora group in the United States, and New York City is home to the largest Nigerian population, followed by Houston and Washington.