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 that are members of the Nigeria Inter-Bank Settlement System network.
Customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal 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.
MoneyGram’s Regional Vice President for Africa, Herve Chomel, speaking during the launch last December, described the development as a significant milestone for the payment company.
“With the addition of Nigeria, MoneyGram now offers bank account deposits through our network into five of the world’s largest remittance receiver markets – Nigeria, China, India, Mexico and the Philippines,” said Chomel. “Account deposit is a fast and secure way to send and receive funds between loved ones and we are proud to offer the service for our customers in Europe and Nigeria.”
The new service has been lauded by analysts because receivers can get the remitted funds within minutes without stress.
Funds Remittance is slated as 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 flow to Sub-Saharan Africa. In 2015 alone, an estimated $21 billion flowed into the country while an estimated $5.7 billion was sent from the United States also about $3.7 billion was remitted from the United Kingdom.