Friday , July 28 2017
Home / REMITTANCES

REMITTANCES

WorldRemit expands presence in Germany

WorldRemit wants to bring its service to more Africans in Germany. This is why the online remittance service provider is currently expanding its presence in the country. The co-founder of the company, Catherine Wines, made the revelation during an interview with The African Courier in Berlin last Friday. Ms Wines, who is also WorldRemit’s executive director for corporate governance, global …

Read More »

Nigerians abroad remitted $35b so far in 2016

Remittances from Nigerians living abroad from January to November 2016 have hit $35 billion, Senior Special Assistant to the president on Foreign Affairs and the Diaspora, Mrs Abike Dabiri-Erewa has said.She revealed the figures on 20 December in Abuja when she paid a courtesy call on the Chairman, Federal Inland Revenue Service (FIRS), Tunde Fowler. She said she was on …

Read More »

MoneyGram offers transfers into personal bank accounts in Nigeria

MoneyGram now offers customers in France, Germany, Ireland, Italy and Spain the possibility of sending money directly into personal bank accounts in Nigeria. Users of the MoneyGram’s cash to account service in the European countries can send money to friends and family in Nigeria who have bank accounts with First Bank, UBA, Ecobank, Fidelity, GTB, Zenith Bank and other banks …

Read More »

HomeSend, Mastercard aim to transform the $3bn remittance industry in Ethiopia

HomeSend and the Commercial Bank of Ethiopia (CBE) have announced a new remittance service that will allow more than 100 million Ethiopians to send funds directly to any mobile number in the East African country.Launched in 2014, HomeSend is a joint venture of Mastercard, eServGlobal and BICS that enables business to business cross-border and cross-network transfers. Consumers can send money …

Read More »

Africans in diaspora sent $35.2 billion home in 2015

Sub-Sahara Africans living outside their home countries sent US$35.2 billion home in 2015, according to the latest figures released by the World Bank. Nigerians alone accounted for $21bn of all remittances to the region. The Bank’s figures also show that officially recorded remittances to developing countries amounted to $431.6bn in 2015, an increase of 0.4 percent over $430bn in 2014.India …

Read More »

Nigeria licenses 11 new international money transfer operators

The Central Bank of Nigeria (CBN) has licensed 11 new International Money Transfer Operators (IMTOs). The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN in early August.The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International …

Read More »

MoneyGram renews commitment to Nigeria

Sequel to the decision of the Central Bank of Nigeria (CBN) allowing only three companies to offer money transfer services to the country, MoneyGram International, Inc. has announced a renewed commitment to its operations in Nigeria.The CBN decision, announced on 2 August, named Western Union, MoneyGram and Ria as the only officially licensed providers of remittance services to Nigeria. The …

Read More »

Nigeria revokes the licenses of all but three money transfer companies

The Central Bank of Nigeria (CBN) has announced that only three companies are henceforth allowed to offer money transfer services to Nigeria. The three operators are Western Union, MoneyGram and Ria.The decision was backed by a warning, issued on Tuesday, 2 August, which advises Nigerians at home and abroad to “beware of the unwholesome activities of some unlicensed International Money …

Read More »

MoneyGram opens new office in Frankfurt, expands operations in Germany

As part of the massive expansion of its operations in Germany, the global CEO of the worldwide operating money transfer provider MoneyGram, Alex Holmes, was in Frankfurt recently to open the company’s new head office in Germany.The occasion provided opportunity to talk about money transfer in a time of refugee crisis and the social responsibility of operators in the sector.Mr …

Read More »

Special Report: Money Transfer to Africa

Remittance business undergoes silent revolutionBefore Western Union started offering money transfer services to Africa in 1995, the first company to do so, it used to take weeks if not months to find somebody travelling home to take the envelope along. And the brave ones among us who hid money in mails were often unlucky after post office workers in Africa …

Read More »