However, even though this is a 7.6 percent drop from last year’s $17 billion, Vietnam will remain the ninth biggest remittance beneficiary in the world.

Overseas remittances are expected to fall short of the target this year due to the economic crisis caused by the COVID-19 pandemic and shutdowns around the world.

The aim of the additional financing is to help local businesses with disrupted cash flows sustain operations and maintain jobs.

Experts have called for the restructuring of loan facilities in Nigeria, to alleviate the adverse effects of some government policies on women.

The collaboration enables UNFCU members to transfer money to mobile wallets in select countries in local currencies.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

As part of measures to cushion the impact of the coronavirus pandemic, the Chief Executive Officer of FirstBank Nigeria, Dr. Adesola Adeduntan, has disclosed that banks are currently offering customers access to low interest funds.

Oriente will use the money to boost its growth in existing markets and further new developments in places like Vietnam. 

In March 2020, the Central Bank of Nigeria released Guidelines for the Implementation of the NGN 50 Billion Targeted Credit Facility aimed at providing succor to households and MSMEs that have been adversely affected by COVID-19.

The Central Bank of Nigeria has announced its first set of policies to cushion the negative impact the deadly Coronavirus on Nigerian businesses and economy.