MoneyGram and GT Bank Launch MoneyGram Receive Service into Nigeria’s $21 Billion Annual Remittance Market
MoneyGram and GT Bank, on Thursday announced the launch of MoneyGram’s receive services across the GT Bank network. This service will be available through MoneyGram’s cash to account service.
MoneyGram CEO Alex Holmes and GT Bank general manager, operations division, Tayo Asupoto made the announcement during a signing launch ceremony at the Intercontinental Hotel in Lagos, Nigeria.
Customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes. These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM.
“Remittances are crucial to Nigeria’s economy. 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 Alex Holmes, CEO MoneyGram.
“This collaboration with MoneyGram is a reflection of the bank’s commitment to building strategic partnerships that birth innovative financial solutions and provide our customers with a superior banking experience,” 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 21 billion USD (70.8 Trillion UGX) flowed into the country.
APO
