Fidelity Bank: Diaspora Remittances To Nigeria Could Hit $35 billion This Year


Fidelity Bank Plc has expressed optimism that the prevalent economic condition triggered by the slump in global oil prices will not reduce diaspora remittances to Nigeria.

It predicted that remittances from Nigerians living abroad would rise to $35 billion in 2016, making Africa’s most populous country, one of the largest recipient of remittances globally.

Speaking at a prize presentation ceremony held in Enugu, the bank’s Executive Director, South, Aku Odinkemelu, was quoted in a statement to have revealed that despite the slowdown in economic activities, diaspora remittances has continued to grow.

Odinkemelu, who pointed out that Nigeria can take advantage of the enormous, but untapped financial reservoir from the diaspora to weather the current economic storm, recognised the growing potential of this market segment in the South-east region.
At the ceremony, the bank presented a brand new Kia Rio car to a lucky customer, Malachy Igbodo, the winner of the bank’s MoneyGram Promo.

Fidelity Bank ED said the promo was intended to acknowledge the massive contributions of the South-east region particularly as it relates to boosting diaspora remittances and other capital inflows into the Nigerian economy.
Odinkemelu noted that the performance of the financial institution in the region was second to none.

She further added, “We are regarded as the bank for the South-east and South-south and the evidence is the growing patronage and loyalty of customers; we are determined to recognize and reward that loyalty.”             ThisDay

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