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Ecobank Nigeria partners MoneyGram on Outbound Money Transfer

By BusinessNews Staff on July 18, 2015

Ecobank Nigeria said it has commenced MoneyGram Outbound Money Transfer Service. The newly launched ‘MoneyGram Naija Sends’ service allows Nigerians to send money abroad through any of about 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country.
A customer, who wish to use the service, would pay the naira equivalent (plus applicable charges) to Ecobank as an agent of MoneyGram for the foreign currency that would be paid to the specified beneficiary in the destination country.

The initiative is in line with the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in Nigeria.

Speaking during the partnership agreement signing event in Lagos, a statement quoted the Executive Vice President, Business Development and Global Product, MoneyGram, Alexander Hoffman, to have said the partnership between MoneyGram and Ecobank on the Outbound Service platform was set to further ameliorate difficulties associated with sending funds outside the country.

“The MoneyGram Outbound Service is a platform for easy interaction between families and friends. Over the last two decades, MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable receipt and transfer of funds from the Nigerians in Diaspora to their loved ones.

“As Africa’s largest economy, with over 10 million migrants, Nigeria is truly deserving of this unique partnership that offers the opportunity for citizens and residents to send money abroad to their loved ones,” she added.

Continuing, Hoffman stated, “Ecobank is a very competitive brand and we at MoneyGram are proud to partner with the fantastic Ecobank family to further entrench our service culture of effective service delivery to ensure connectivity, sustainability and customer delight.”

In the same vein, Executive Director, Ecobank Nigeria, Kingsley Umadia, said the service opens a new vista of opportunity for Nigerians to easily connect with other Africans and also connect with other parts of the world.

“It also offers a great platform to send money to loved ones abroad. As the Pan-African bank, we are proud to partner with MoneyGram to make this service available. Our rich pedigree and indisputable positioning as Africa’s most versatile bank offers the best choice for Nigerians sending money abroad to loved ones and opens a whole new world of opportunities for our customers.”

According to him, “this innovative, customer-centric initiative is another way of delivery of excellent service to our customers. As a bank, we will continue to deliver and raise the bar of customers’satisfaction,” adding that, it would also boost trade across the continent.”

[ThisDay]

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