Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay employees and contractors in 140 countries worldwide.
This include fast-growing markets such as Nigeria, Ghana, Kenya, and South Africa.
The platform will first be available to U.K.-registered businesses.
WorldRemit’s low fees and exchange rates are shown up-front and customers can send money easily via the company’s website and app.
By extending its money transfer service to SMEs, WorldRemit will save businesses time and money when they make international payments.
Each year, the UK imports $2 billion in goods and services from Nigeria, where SMEs account for 96% of businesses and 84% of employment.
WorldRemit for Business will make it easier individuals to receive payment by UK-based partners via bank transfer to GT Bank accounts. While some banks can take up to one week to process payments, WorldRemit transfers to Nigeria are processed instantly.
Customers sending funds abroad can easily track their transfers in real-time on the WorldRemit app and opt-in to receive daily exchange notifications to send money abroad at the optimal time.
Ismail Ahmed, Founder and Executive Chairman at WorldRemit, comments: “When I first started WorldRemit, I was frustrated with the high charges and long delays in sending money abroad both as a business owner and consumer. Over the past 9 years, we’ve made it easier for 4 million people around the globe to send and receive money.
Today, we’re pleased to extend that service offering to businesses, and put an end to the steep fees that many businesses have to pay, especially when sending to Nigeria. We’re committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business.”
Shane Lennox, Senior Product Manager for Business, comments: “With more people moving and settling across borders, the nature of business is becoming increasingly global.
This new product offering is catering for those in need of a digital service that solves a number of pain points faced by SMEs with international staff and contractors. This new product launch will enable millions of SMEs to benefit from our award-winning convenient service.”
WorldRemit customers complete over 1.4 million transfers every month from over 50 countries to over 140 destinations using its app or website.
It remains committed to providing innovative solutions to meet money transfer needs across the world.
In addition to partnering with Nigerian Banks including First Bank of Nigeria Plc, Access Bank Plc, Fidelity Bank Plc for instant digital money transfers. In April 2019 the company launched international transfers to Paga mobile money accounts.