MoneyGram Recognized as Trusted Money Transfer Provider in Nigeria
MoneyGram announced the continuity of its operations in Nigeria. The commitment follows recent market developments as the Central Bank of Nigeria (CBN) changed its policy on how remittance companies (including MoneyGram) can continue to provide money transfer services in Nigeria.
MoneyGram offers its customers in Nigeria the ability to send and receive money from family and friends throughout the world within minutes. Customers can either send or collect the funds from a MoneyGram agent location or receive them directly to their personal account.
“Remittances play an important role in the Nigerian economy. Nigerians living abroad sent more than $21 billion back to their country in 2015 alone,” explained Grant Lines, chief revenue officer, AMEAP, Russia and CIS. “MoneyGram recognizes and supports the Central Bank of Nigeria in its efforts to ensure these inflows are brought into Nigeria for the benefit of consumers as well as the economy at large. Being recognized by the CBN as a legitimate money transmitter is a testimony to our commitment to compliance and willingness to continue working with the CBN in the best interests of the economy.”
“MoneyGram’s relationship with Nigeria is strong,” said Kemi Okusanya, head, MoneyGram Anglophone Africa. “Lagos has been chosen to serve as MoneyGram’s hub for Anglophone Africa operations. In addition, we have invested millions of dollars to improve product delivery for remittances to Nigeria. We know the needs of our customers vary and we are always striving to provide them with a solution that is most convenient for them. For example, our cash-to-account service allows Nigerians to receive funds directly to the customer’s personal bank account.”
Remittances are the second largest source of foreign exchange in Nigeria after the oil sector. According to the World Bank data, Nigeria accounts for nearly two-thirds of total remittance inflow to Sub-Saharan Africa. In 2015, an estimated $21 billion flowed into the country, including $5.7 billion sent from the United States and about $3.7 billion from the United Kingdom.