paraphase: CBN, First Bank, Western Union launch outbound remittance service

The CBN and Western Union Company in collaboration with First Bank of Nigeria (FBN) jointly launched an outbound remittance service in the country.

The newly launched outbound remittance service allows consumers to send funds in minutes via Western Union around the world. Before now, consumers in the country had only been able to receive funds via the service.The service is currently being pioneered by First Bank while other accredited agents of western union are expected to join later.

He said the initiative was targeted at remittances by individuals to dependants, children and wards abroad as well as person to person needs.

Under the new service for now, users are allowed a maximum of $2,000 per transaction, according to Emefiele adding that transactions will be scrutinized to avoid abuse of the facility for money-laundering.

With the latest initiative, the CBN boss said users do not need to go to a bank or bureau de change (BDCs) to buy foreign currency in order to transfer money abroad.Instead, senders are expected to take the Naira equivalent of the amount of foreign currency they wish to transfer to any of the over 5000 western union outlets in the country.He said talks were ongoing with western union to engage well-structured BDCs to become western union agents so as to make the service accessible to more Nigerians.

http://www.thisdaylive.com/articles/2442-bdcs-scale-cbn-s-recapitalisation-hurdle/186465/

dustmalik: Well, another good news. I knew with the acceptance of Nigeria by PayPal, other good things would start to come our way. Evidently, this is another one.

zheroes:
is this actually working? has anyone done it please kindly intimate me of fees and charges involved. thanks

zheroes:
is this actually working? has anyone done it please kindly intimate me of fees and charges involved. thanks

PerfectFortune:
Great

skyhighweb:
great that

PerfectFortune:


That we can at least continue to do our micro business at relatively cheaper rate as against the killing bureau de change rates.

230 against 308 isn't that great?

eph12:

visit any fbn access gtb et al branch and they will tell you all you need to know.