Customers Commend Polaris Bank for U.S. Dollar Payout

A cross-section of customers have commended Polaris Bank for its payment of US dollars to beneficiaries of money transfer in line with the Central Bank of Nigeria‘s (CBN) recent payout policy directive.

The Bank noted, shortly after it sent out notices to customers that beneficiaries of money transfer who received their remittance in US dollars in cash or directly into domiciliary account have been very impressed with the Bank’s seamless service.

Osaretin Efosa, a beneficiary who walked into the Forestry branch of the Bank in Benin, Edo State, during the festive season, said she received money remitted to her for the very first time from her son who recently travelled to the United States of America.

Mrs Efosa, who was accompanied to the branch by her daughter, was nonetheless nervous being her first time. “The money transfer attendant I met in the branch received and attended to me well and in less than five minutes, I was counting dollars with my own hands,” she said.

Segun Adetiloye from Ikotun branch of Polaris Bank said he doubted that the Bank was serious about paying customers in dollars when he received the Bank’s notice until he went to the branch to pick up his remittances and was handed crisp dollar notes.

Full of excitement that he has a fun-filled Yuletide despite the unfortunate impact of Covid-19 on his ability to earn an income for most of the year, Mr Adetiloye left dancing his way out of the banking premises overjoyed.

“Polaris Bank made my Christmas and new year celebrations memorable,” was the excited remark from another customer, Okechukwu Nnamdi of Alekuwodo branch in Osogbo, Osun State branch of the Bank, who could not hold back her joy.

“I did not know this notice can be true. I thought on getting to the branch, we will hear another story, but I received dollars sent to me by my younger brother in America live and direct from my branch in Alekuwodo. Thank you Polaris Bank.”

Recall that Polaris Bank had disclosed that all beneficiaries could receive their dollar funds within minutes by presenting a valid identification, including their BVN.

The bank urged Nigerians in the Diaspora and their beneficiaries to take advantage of the seamless dollar cash payout service in the Bank to receive their transfers.

Polaris Bank has an existing relationship with all leading and licensed global money transfer operators, making it easy for Nigerians to receive money through the Bank’s extensive network of over 300 branches and dedicated money transfer locations across major cities.

With over 15 million Nigerians in the Diaspora and an estimated $25 billion in annual remittances, Nigeria is the 5th largest receiver of diaspora remittances in the World.