WorldRemit for Business has launched a new service that enables small and medium-sized business owners to quickly pay employees and contractors.
The platform, which is available in 140 countries worldwide, including fast-growing markets such as Nigeria, Ghana, Kenya, and South Africa, will first be available to United Kingdom-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 per cent of businesses and 84 per cent 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.
WorldRemit founder and Executive Chairman Ismail Ahmed, said: “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 nine years, we’ve made it easier for four million people around the globe to send and receive money.”
