Banks Begin Implementation of New Policy on Diaspora Remittances

Nigerian banks have commenced implementation of the Central Bank of Nigeria (CBN)’s new policy on diaspora remittances, tagged ‘Naira 4 Dollar’ scheme, which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.

The CBN on Saturday announced plans to pay N5 for every one dollar received by all recipients of diaspora remittances through its licensed International Money Transfer Operators (IMTOs).

The move is an incentive introduced by regulator to boost inflows of diaspora remittances into the country.

In a circular dated March 5, 2021 and signed by A.S.Jibrin for director trade and exchange department, the scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021.

The circular stated that the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary.

Following the CBN’s announcement, Ecobank Nigeria on Sunday issued a statement to its customers on the commencement of N5 payment to every dollar received.

Korede Demola-Adeniyi; head, consumer banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country. She noted that the “CBN Naira 4 Dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May, 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, they will also get extra Naira”, she stated.

Only recently, Ecobank had a first of its kind virtual Diaspora summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Patrick Akinwuntan, managing director, Ecobank Nigeria disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth. “Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

At its twitter handle, GTBank stated, ‘for every one dollar sent to you from anywhere in the world via money transfer agents, you’ll receive N5 more into your GTBank account or over the counter at any GTBank branch nationwide.

Fidelity Bank stated in a statement to its customers that “this offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira cash. Kindly visit any Fidelity Bank branch now to get started”.

Source: Businessday

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