Travelex moves to ease FX transactions in Nigeria

Travelex, a global leader in foreign currency (FX) operations, has recorded yet another milestone in its efforts to provide customers in Nigeria and worldwide, quality currency services all the time.

With the success of the ongoing business arrangement between the company and UAE Exchange Group (a global, technology-driven money transfer firm spread across over 30 countries in the world), Travelex is promising its Nigerian customers a more robust and seamless FX transaction.

To underscore the importance the two companies attach to smooth financial operations in Nigeria and general economic growth, Anthony Wagerman and Promoth Monghat, CEOs of Travelex Worldwide, and UAE Exchange Group, respectively, are billed to arrive the country next week to further strengthen Travelex’s operations, and open new investment windows in Nigeria.

Travelex has maintained strong commitment to the economic growth of Nigeria, playing a leading role in FX services and management in the over 35 years of its operations in the country, formerly as Thomas Cook.

UAE Exchange Group on the other hand has enormous investment in compliance technology solutions that help provide real-time alerts for financial transactions including money laundering and fraud detection. The Group’s turnover as of 2014 stood at $53 billion.

Travelex Nigeria working with UAE Exchange promises customers in the country much more innovative products and services in the years ahead.

This, Monghat disclosed, is already in operations in some markets such as the US and Canada where businesses are mainly online, and considering the increasing growth of online business in the country, the phone apps solution will thrive.

Also expected is the ‘Flash Remit’, a product that provides instant real time credit to bank accounts (including on Sundays) as currently being done with the State Bank of India, the largest bank in the country with over 25, 000 branches. “We are able to credit the account of any customer in real time, online, even on Sundays at 8pm when the banks are closed,” Monghat reiterated.

A release signed by Tony Enwereji, general manager of Travelex Nigeria, noted that the visit of their CEOs to the country was a clear indication of the strong importance attached to the Nigerian economy and Travelex operations here.