Fidelity optimistic Diaspora remittances will hit $35b this year

Fidelity-Bank-Plc-Lagos-Head-OfficePresents car to winner in MoneyGram promo
Fidelity Bank Plc has expressed optimism that despite the prevailing economic condition triggered by the slump in global oil prices, Diaspora remittance will rise and become a significant buffer to Nigeria’s reserves.

According to the bank, remittances from Nigerians living abroad is expected to hit $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 Executive Director, South, Fidelity Bank, Aku Odinkemelu, said that while every sector has been experiencing a slowdown, Diaspora remittances has continued to grow unabated.

He pointed out that Nigeria can take advantage of the enormous, but untapped financial reservoir from the Diaspora to weather the current economic storm, recognising the growing potential of this market segment in the South-East region.

At the ceremony, the bank presented a new Kia Rio car to a lucky customer, Malachy Igbodo, the winner of the bank’s MoneyGram promo.The prize presentation in Enugu, the director said, 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 economy.

While making the presentation, Odinkemelu noted that the performance of the financial institution in the region was second to none.
“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 recognise and reward that loyalty,” she said.

Igbodo, a student and businessman, who has been using his mother’s car, described himself as a surprise winner, adding that it was probably the volume of his Diaspora transactions with foreign business partners that eventually raised his chances of participating and winning the raffle draw.

“I would say that the frequency of remittances can offer anyone the opportunity of being drawn in the raffle draw. I will not sell the car, I will use it and keep it for my children to see,” he added.

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