BOSS Money Launches Naira Currency Payout Option for Remittances to Nigeria

Customers Sending Money to Nigeria Can Now Choose Direct Deposit in Naira or in U.S. Dollars at Nigeria’s Leading Banks

Newark, NJ, July 18, 2023 (GLOBE NEWSWIRE) -- BOSS Money, the money remittance service of IDT Corporation (NYSE: IDT), today announced the introduction of naira currency remittances for its customers sending cash to friends and family through direct deposit payout at commercial banks throughout Nigeria.

“BOSS Money customers sending money for direct deposit in Nigeria can now choose between the naira and U.S. dollar,” said Alfredo O’Hagan, IDT’s SVP for Consumer Payments. “Our naira direct deposit option enables Nigerians to quickly and securely receive and use the money sent by friends and family in the United States.”

The new naira payout option supplements BOSS Money’s robust U.S. dollar payout network in Nigeria. Its launch follows the Central Bank of Nigeria’s decision, announced earlier this month, to allow overseas remittances to be paid out in naira.

Through the popular BOSS Money and BOSS Revolution Calling apps, customers in the United States can now send up to $2999 to Nigerian bank accounts for payout in naira for a $0 fee through August 31, 2023 when using their debit card.

The highly rated BOSS apps are free on the App Store and on Google Play. Senders utilizing either BOSS app or the bossrevolution.com website for the first time pay no fees on transfers up to $2999.

Customers can also send from licensed Boss Revolution retailers across the United States.

Among the 26 Nigerian banks accepting BOSS Money remittances are Access Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, GT Bank, Polaris Bank, Stanbic IBTC Bank, United Bank for Africa, Union Bank and Zenith Bank. The complete list of participating Nigerian banks is provided in the BOSS apps.

BOSS Money now offers remittances from the United States to Nigeria and 46 other countries at over 280,000 cash pick-up locations in addition to mobile money and direct deposit services.

About IDT Corporation:

IDT Corporation (NYSE: IDT) is a global provider of fintech, cloud communications, and traditional communications services. We make it easy for families to contact and support each other across international borders. We also enable businesses to transact and communicate with their customers with enhanced intelligence and insight.

Our BOSS Money international remittance, IDT Digital Payments and BOSS Revolution international calling services make sending money, paying for products and services, and speaking with friends and family around the world convenient and reliable. National Retail Solutions’ (NRS) point-of-sale retail network enables independent retailers to operate and process transactions more effectively while providing advertisers and consumer marketers with unprecedented reach into underserved consumer markets. net2phone’s communications-as-a-service solutions provide businesses with intelligently integrated cloud communications and collaboration tools across channels and devices. Our IDT Global and IDT Express wholesale offerings enable communications service enterprises to provision and manage international voice and SMS services.

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

Contact:
Bill Ulrey
IDT Investor Relations
Phone: (973) 438-3838
E-mail: invest@idt.net

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