By Cyber Era NG Correspondents
With the value of diaspora remittances to the national economy being acknowledged and rising, both the private and public sectors are becoming increasingly deliberate and intentional with policies on how to lock these in.
To this regard, Zenith Bank Plc has announced plans to take its services to Canada in a strategy aimed at putting its services at the doorsteps of Nigerians in Canada. It is not clear yet whether the bank is replicating this strategy to other countries in the Americas and beyond.
According to Zenith Bank Plc information to which our reporter are privy, the bank has unveiled many freebies to encourage Nigerians in Canada to buy in. These include:
- Free BVN Enrolment
- NIN Enrolment(Enrollment Fees Apply)
- Seamless Account Opening
- Account Reactivation
- Digital Channel Onboarding(Mobile Banking, Internet Banking, Instant Debit Card Issuance)
- Mortgages Advisory Available
This programme commenced yesterday and will last till August 29. Below are the Canadian cities covered:
-Edmonton
-Calgary
-Toronto(Mississauga)
-Montreal
-Halifax
-Vancouver(Surrey)
-Winnipeg(Manitoba)
It is believed that the choice of these cities was influenced by the fact that they house Nigerians in large numbers, although no target demography was disclosed by the bank.
As earlier reported By Nairametrics, Nigeria’s diaspora remittances are projected to reach US$1 billion per month by the end of 2026, driven by CBN reforms and improved formal transfer channels.
Current Status and Projections
As of mid-2026, monthly diaspora remittances to Nigeria exceed US$600 million, and the Central Bank of Nigeria (CBN) aims to increase this to US$1 billion per month by year-end, representing a nearly 67 per cent growth from current levels (CBN Governor Olayemi Cardoso)
If this trajectory continues, annual inflows could approach US$8 billion, making diaspora remittances a significant and stable source of foreign exchange for Nigeria.
