Nigeria among top nations in foreign remittances –Western Union – Punch

dollar to naira

By Oyetunji Abioye

Western Union, an international money transfer services company, says Nigeria is one of the most connected countries in the world when it comes to receiving and sending money.

The company said it moved money from over 195 countries and territories into Nigeria in 2015

Western Union has operated in Nigeria for 20 years.

In a statement, the company said, “More than 195 countries and territories sent money into Nigeria, and 160 received money from Nigeria in 2015, reflecting the extraordinary global connections brought about by the rise in migration of Nigerians to many parts of the world.”

The Regional Vice-President, Africa, Western Union, Aida Diarra, was quoted as saying, “It is an honour to have served Nigerians for the past 20 years and connect them to and from nearly every corner of the world, moving the money that funds education, healthcare, everyday living and the dreams and aspirations of their families”.

Nigeria is the fifth largest remittance receiver globally, according to the World Bank.

Migration destinations have remained steady since a decade ago, according to Western Union’s own trend analysis.

The United States, the United Kingdom, Italy, Canada, Germany, Australia, France and Netherlands continued to be the favourite destinations while United Arab Emirates and Malaysia moved to the top 10, replacing Switzerland and Spain.

Diarra said, “The Nigerian spirit of hard work and resilience can be found around the world across all economic spheres.

“Western Union recognises that, at the start and end of every transaction are two people, and they rely on each other, just as much they rely on us to move their money reliably.”

She added, “It is this dual belonging that remains at the heart of our innovation to make it easy for Nigerians to send or receive money,”

Western Union bridges geographical gaps by diversifying the options to send and receive money with reliability, convenience, and speed.

From a single location in Lagos in 1996 with the First Bank of Nigeria Limited, Western Union has expanded its walk-in retail agent location count to more than 5,200, with presence in all the 36 states of the federation.

The company’s channel diversification focus also allows Nigerians to receive money into 2.2 million mobile wallets and more than 50 million bank accounts.