One of Nigeria’s leading retail banks, GTBank, has announced the launch of MoneyGram‘s receive services across its network in Nigeria.
The service, which will be made available through MoneyGram’s cash to account service, will enable GTBank’s customers receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes. 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 during a signing ceremony at the Intercontinental Hotel in Lagos said “Remittances are crucial to Nigeria’s economy. Nigerians living abroad send more than $21 billion back into the country in 2015”
He added, “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.”
Remittance is the second largest source of foreign exchange in Nigeria after the oil sector according to the World Bank and Nigeria accounts for about two-thirds of total remittance inflow to Sub-Saharan Africa.
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