MoneyGram, GTBank strategise on Nigeria’s $21b remittance market
MoneyGram and Guaranty Trust Bank Plc (GTBank) has unveiled plans to increase its share in the Diaspora’s yearly remittance market estimated at over $21 billion.
To this end, the two has launched a remittance service platform, where MoneyGram’s ‘receive services’ would be enabled across the GTBank network.
With the initiative, customers in Nigeria can now receive money from friends and family in 200 countries and territories directly into their personal GTBank 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.
MoneyGram CEO Alex Holmes and GT Bank general manager, operations division, Tayo Asupoto made the announcement during a signing ceremony at the Intercontinental Hotel in Lagos.
“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015. MoneyGram’s account deposit service makes 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,” the Chief Executive Officer, Alex Holmes, said.
The General Manager of Operations, GTBank, Tayo Asupoto, added: “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. With the account deposit service, our customers can receive money transfers via MoneyGram in minutes.”
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