Home Tech News GTBank, MoneyGram ink mobile money pact

GTBank, MoneyGram ink mobile money pact

GTBank, MoneyGram ink mobile money pact
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MoneyGram, an online money transfer service says it has entered  strategic partnership with Nigeria’s GTBank to allow Nigerians  receieve money from different countries directly into their personal GT Bank accounts.[quote font=”georgia” font_size=”22″ font_style=”italic” align=”right” bgcolor=”#” color=”#” bcolor=”#” arrow=”yes”]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).[/quote]

Alex Holmes, MoneyGram CEO says the companies target stakes in remittances by Nigerians living abroad that sent over $21 billion back to Nigeria into 2015 alone. Remittance is also the second largest source of foreign exchange in Nigeria after the oil sector.

Commercial activities underway at Ikeja Computer Village, the nation's biggest technology market as Nigeria debates whether or not to devalue to the Naira
Commercial activities underway at Ikeja Computer Village, the biggest technology market in Nigeria. Photo credit: Kehinde Shonola of Technology Times

[quote font_size=”22″ font_style=”italic” align=”left” bgcolor=”#” color=”#” bcolor=”#” arrow=”yes”]Alex Holmes, MoneyGram CEO says the companies target stakes in remittances by Nigerians living abroad that sent over $21 billion back to Nigeria into 2015 alone. Remittance is also the second largest source of foreign exchange in Nigeria after the oil sector.[/quote]According to MoneyGram, customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT 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.

This service will be available through MoneyGram’s cash to account service ”These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM”the companies said during a signing ceremony at the Intercontinental Hotel in Lagos.

“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”, MoneyGram says.

Tayo Asupoto, GTBank General Manager, Operations division adds that the partnership with MoneyGram reflects, “the bank’s commitment to building strategic partnerships that birth innovative financial solutions and provide our customers with a superior banking experience,”

According to GTBank, “with the account deposit service, our customers can receive money transfers via MoneyGram in minutes.”

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).

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929

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