To Increase Remittance Inflows, First Bank Is Expanding Its IMTO Network

To improve diaspora remittance inflow into Nigeria, First Bank of Nigeria Limited has expanded its network of International Money Transfer Operators or IMTOs.

The bank said in a statement that the hike is aimed at making it easier for its customers to receive money in a safe and secure manner from almost 100 countries across the world.

“With over 750 branches across the country, customers can get money from the nearest FirstBank branch to them,” the bank said.

“FirstBank has worked with Western Union, MoneyGram, Ria, Transfast, and World Remit over the years.

Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes, and Venture Garden Group are among the IMTOs working with the bank to increase remittance inflow into the country, giving Nigerians and residents an advantage in receiving money from their family, friends, and loved ones around the world.

“Beneficiaries can receive remittance in US dollars at any of our over 750 branches nationwide. Customers who do not have a domiciliary account can have a dollar account opened for their remittances automatically. Western Union can also be used to receive funds directly into your account.

“In addition, First Bank has launched First Global Transfer, its wholly owned remittance platform, to promote international fund transfers among its subsidiaries in Sub-Saharan Africa. FBN Bank DRC, FBN Bank Ghana, FBN Bank Gambia, FBN Bank Guinea, FBN Bank Sierra-Leone, and FBN Bank Senegal are among these subsidiaries, according to the bank.

Mr Gbenga Shobo, the bank’s Deputy Managing Director, reaffirmed the bank’s commitment to promoting diaspora remittances, regardless of where one is in the world: “At First Bank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth, such as helping recipients meet basic needs, fund cash and no-interest loans.”

“We are excited about these partnerships because they are critical to ensuring that our customers have the ability to receive money from their loved ones and business associates from anywhere in the world.”

Over 25 years ago, First Bank was a pioneer in international money transfer and remittances, and it has been in the forefront of promoting cross-border payments in the country, having started with Western Union Money Transfer. The Bank has a competitive advantage in the industry due to its extensive experience and presence in over 750 sites across the country.

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