MoneyGram partners GTBank in Naira transfer, boosts $21bn remittance market

As Nigeria remains top receipt of foreign remittance in Africa, MoneyGram has partnered with one of the Tier1bank in the country, Guarantee Trust Bank (GTB), to further boost the Nigeria’s $21 billion remittance market with MoneyGram’s receive services across the GTBank network.

This service is said to be available through MoneyGram’s cash to account service, where customers in Nigeria can now receive money from friends and family in 200 countries and territories directly into their personal GTBank accounts within minutes.

Speaking at the partnership signing in Lagos on Wednesday, Chief Executive Officer (CEO) of MoneyGram, Alex Holmes, disclosed that these funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM.

He explained that remittances are crucial to Nigeria’s economy, adding that Nigerians living abroad sent more than $21 billion back into the country in 2015.

His words: “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.”

In a similar vein, General Manager, Operations Division, GTBank, Mr. Tayo Asupoto noted that the 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”, he added.

Remittance is 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 inflow to Sub-Saharan Africa. In 2015, an estimated $21 billion flowed into the country. An estimated $5.7 billion was sent from the United States while about $3.7 billion was sent from the United Kingdom. Other key corridors include Cameroon ($2.4 billion), Italy ($1 billion), and Ghana ($0,8 billion).