MoneyGram Key Into $21BN Remittance Market

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MoneyGram says it has provided a platform for its customers in key European countries to send money in minutes directly to most bank accounts in Nigeria.

It said in a statement that it was the first firm to offer customers in France, Germany, Ireland, Italy and Spain a way to send money to naira bank accounts within minutes at competitive exchange rates.

The Regional Vice-President for Africa, MoneyGram, Herve Chomel, was quoted as saying, “This is a significant milestone for us. With the addition of Nigeria, MoneyGram now offers bank account deposits through our network into five of the world’s largest remittance markets — Nigeria, China, India, Mexico and the Philippines.

“Account deposit is a fast and secure way to send and receive funds between loved ones, and we are proud to offer the service to our customers in Europe and Nigeria.”

According to the statement, customers can send money to most of the personal accounts held at banks that are members of the Nigeria Inter-Bank Settlement System network including First Bank, UBA, Ecobank, Fidelity, and Zenith Bank from MoneyGram agent locations in France, Germany, Ireland, Italy and Spain.

It said this marked an important innovation for the remittance industry in Nigeria, adding that by integrating into the Nigerian Inter-Bank Payment System, MoneyGram customers were able to send money into most bank accounts in Nigeria, almost in real time.

MoneyGram said, “Receivers do not have to undertake any action as the funds are automatically deposited into their accounts and can be accessed via the ATM or online, without the constraint of a physical over-the-counter visit.

“MoneyGram is a global provider of innovative money transfer and payment services and is recognised worldwide as a financial connection to friends and family. MoneyGram also provides bill payment services, issues money orders and processes official cheques in select markets.”

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