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WorldRemit, a leading digital money transfer company, has launched a new service, called WorldRemit for Business. The new service will enable small and medium business owners to quickly pay employees and contractors in 140 countries across the world, including Nigeria, Ghana, Kenya and South Africa. The platform will first be available to businesses registered in the United Kingdom.

Each year, the U.K. imports $2 billion in services from Nigeria, according to a statement released by WorldRemit on Thursday. WorldRemit for Business will make it easier for individuals and small and medium-scale enterprises (SMEs) to receive payments from UK-based partners via bank transfer in their Guaranty Trust Bank accounts.

WorldRemit stated that unlike some banks that take up to a week to process payments, its transfers to Nigeria are processed instantly. By extending its money transfer service to SMEs, WorldRemit will be saving businesses time and money when they make international payments. It is important that businesses, especially SMEs, are able to make and receive payment easily. According to the National Bureau of Statistics, SMEs account for 48 per cent of the national GDP, 96 per cent of businesses and 84 per cent of employment.

“We are pleased to extend our service offering to businesses, and put an end to the steep fees that many businesses have to pay, especially when sending money to Nigeria”, said Ismail Ahmed, Founder and Executive Chairman of WorldRemit. “Over the past nine years, we’ve made it easier for four million people around the globe to send and receive money. We are committed to making it quick, safe and easy for you to pay individuals across borders, leaving you to focus on growing your own business”.

Earlier this April, WorldRemit launched international transfers to Paga mobile money accounts in Nigeria. This is in addition to its partnership with numerous banks, including First Bank of Nigeria, Access Bank and Fidelity Bank, for instant digital money transfers.

According to Shane Lenox, WorldRemit’s Senior Product Manager for Business, WorldRemit for Business 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”, Lenox said.

Every month, WorldRemit customers complete over 1.4 million transfers from over 50 countries to 140 destinations across the globe via the website or app.