Note: NGN Receiving Accounts are only available to Nigerian-registered companies. KES Receiving Accounts are only available to Kenyan-registered companies.
The NGN/KES Receiving account is a means for us or our affiliates to receive funds from you or third parties on your behalf into a bank account held by us or our affiliates. By providing your payers with the said account details, your payer will be able to make payments to you and the funds will be reflected in your World Account balance.
Open a NGN/KES Receiving Account
- In your World Account dashboard, go to the “Collection” tab
- Then click on “Manage Accounts” > “Add a New Receiving Account”
- You can then select NGN/KES as the currency of your Receiving Account
- (For NGN) Select your desired bank for your NGN Receiving Account – First City Monument Bank (FCMB) or PAGA
- If you plan to make large payments, we would advice you to choose FCMB as the bank of your account
- Once the account is set up, you can click on “Details” to get the account details
- No collection fees or limits apply
Top Up your World Account with NGN/KES from your Bank Account
Note: Bank Account Entity must be the same your World Account Entity.
- On your World Account dashboard, go to “Collection”
- Click on “Details” to get the account number of your NGN/KES Virtual Account Initiate the transfer from your own bank account to your NGN/KES Virtual Account
- Ensure all transfer details (account information and amount) are accurate before initiating the transfer. We will be unable to process refunds in NGN or KES once the transaction is completed
Receiving Payments from a Third-Party
- To receive payments from a third-party account, you’ll need to provide your payers with your NGN/KES Receiving Account details:
- On your World Account dashboard, go to “Collection”
- Click on “Details” to get the account number of your NGN/KES Virtual Account
- Your payer can initiate a bank transfer to your NGN/KES account, and the fund will reach WorldFirst in 1-3 business days
- For more details on receiving payments from a third-party, click here
Making payments with NGN/KES balance
- You can send money to the bank account of your supplier or business partner which will be processed within 0-1 business days
- For now, only NGN/KES to USD conversion is supported
- In order to make a conversion to other currencies (eg. GBP, EUR, CNY and more), a conversion from NGN to USD is required first before a second conversion from USD to your desired currency
- You will be able to view the live foreign exchange rate for NGN/KES to USD on the transaction page when you are making a transfer
- For more details on how to make payments to a third-party bank account, click here
FAQs
Why can’t I create a NGN/KES Virtual Account?
Currently, NGN Virtual Accounts are only available for Nigerian-registered companies and KES Virtual Accounts are only available for Kenyan-registered companies.
[For NGN Virtual Account] What is the difference between a First City Monument Bank Virtual Account versus a Paga Virtual Account?
If you plan to make large payments, we would advice you to choose FCMB as the bank of your account.
Is there a transfer & collection limit for NGN/KES?
There is no transfer & collection limit.
How fast will my transfers be?
Transfers are typically processed within 0-1 business days.
Are there any collection fees for NGN/KES collection accounts?
No. We do not charge fees for collecting funds.
I sent the wrong amount to top-up my NGN/KES account. How can I retrieve my funds back?
We currently do not support refunds in NGN/KES. We would advice you to ensure all transfer details are accurate before submitting the transaction.
What currencies can I convert NGN/KES to?
Currently, we only support NGN/KES conversion to USD. If there is a need to convert NGN or KES to other currencies, a conversion to USD is required first before converting USD to your desired currency.
I need to pay my supplier in CNY. Can I convert NGN/KES directly to CNY?
To payout in CNY, you’ll need to convert NGN/KES to USD first, then a second conversion from USD to CNY. This applies to all other currencies.
How can I check the exchange rate for NGN/KES?
Currently, our real-time exchange rates for NGN/KES to USD will be displayed on the transaction page when you are making a transfer.
