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New service into Nigeria’s remittance market

GT Bank accountLAGOS – CUSTOMERS in Nigeria can now receive money from friends and family in 200 countries and territories directly into their personal GT Bank accounts within minutes.

This follows a partnership between MoneyGram is a global provider of innovative money transfer and payment services and GT Bank, one of the
leading retail banks in Nigeria.

They have announced the launch of MoneyGram’s receiving services across the GT Bank network.

This service will be available through MoneyGram’s cash to account service.

MoneyGram Chief Executive Officer, Alex Holmes, and GT Bank General Manager: Operations Division, Tayo Asupoto, have made the announcement during a signing ceremony in Lagos on Wednesday evening.

“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015,” said Holmes.

He said MoneyGram’s account deposit service made it easy and convenient for both the sender and the receiver to transfer and receive funds.

“We are pleased to work with GT Bank and we are proud to be connected to almost 1,5 billion bank accounts in five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines,” said Holmes.

Asupoto said the collaboration with MoneyGram was a reflection of the bank’s commitment to building strategic partnerships that birth innovative financial solutions and provided customers with a superior banking

“With the account deposit service, our customers can receive money transfers via MoneyGram in minutes,” said Asupoto.

Remittance is the second largest source of foreign exchange in Nigeria after the oil sector.

According to the World Bank, Nigeria accounts for around two-thirds of  total remittance inflow to Sub-Saharan Africa.

In 2015, an estimated US$21 billion flowed into the country mostly from United States and United Kingdom.

Other key corridors include Cameroon, Ghana and Italy.

CAJ News

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