Small World Launches USD Payout Service in Nigeria

Small World Launches USD Payout Service in Nigeria

PR Newswire

LONDON, Dec. 11, 2020

LONDON, Dec. 11, 2020 /PRNewswire/ -- Leading international money transfer provider Small World Financial Services ("Small World") has announced that, with immediate effect, customers in Nigeria can receive money in US Dollars through its nationwide cash pick-up network or into their bank account.

This initiative follows the Central Bank of Nigeria (CBN) directive to enable global money transfers to be paid in US Dollars in an effort to streamline and increase the flow of formal diaspora remittances into Nigeria.

The rapid implementation of the Central Bank of Nigeria's directive by Small World required an organisation-wide effort and its agility and strength in partnership relations within Nigeria ensured that it was among the first money transfer companies to offer US Dollars payout to its customers in Nigeria.

Stanley Wachs, Managing Director, Northern Europe & Africa at Small World, said: "Our determination to deliver the best possible service to customers across the world has enabled a global organisation like ours to react quickly to the CBN's announcement. US Dollars payout is already available at many leading banks in Nigeria and we will soon have thousands of locations offering the service across Nigeria.

"At the very top of our priority list is to do what we can to let customers reach friends, family and loved ones in the fastest and most cost-effective way. I am pleased that we could turn this around quickly with our partners in Nigeria and remain the money transfer partner of choice for money transfer to Africa."

In its own press release, the CBN explained that the shift was designed to bolster the existing remittance inflow, which is estimated at $24bn, the largest country for inbound remittances in Africa.

Small World customers can send money to Nigeria for cash pick-up and bank deposit in US Dollars from a Small World branch, an agent, over the phone or digitally via the Small World website or app.

About Small World Financial Services

Small World Financial Services is a London-headquartered provider of trusted, simple and low-cost international payment services, using its proprietary global pay-out network, serving consumers and businesses across Europe, North America, West Africa and South America. It offers access to over 250,000 cash pick-up locations across the world, and direct to account pay-out in over 90 countries. Small World was founded in 2005 and has grown rapidly over the past decade, both organically and through acquisition, to become one of the leading payment service providers focused on the growing global remittance market, and is a member of Tech City UK's exclusive Future Fifty programme.

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