MoneyGram launches account deposits in Nigeria

MoneyGram has announced that it is the first money transfer company to offer customers in France, Germany, Ireland, Italy and Spain a way to send money to most personal Nigerian naira bank accounts within minutes at competitive exchange rates.

“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 receive markets — Nigeria, China, India, Mexico and the Philippines,” says Herve Chomel, MoneyGram’s regional vice president for Africa.

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 Money- Gram agent locations in France, Germany, Ireland, Italy and Spain. This marks an important innovation for the remittance industry in Nigeria.

Receivers do not have to undertake any action as the funds are automatically deposited into their account and can be accessed via ATM’s or online, without the constraint of a physical overthe- counter visit.