Moneygram And Guaranty Trust Bank Bank On Thursday Launched Moneygram’s Receive Services Across The Bank Network.

Moneygram And Guaranty Trust Bank Bank On Thursday  Launched Moneygram’s Receive Services Across The Bank Network.

MoneyGram and Guaranty Trust Bank bank on Thursday launched MoneyGram’s receive services across the bank network.
A statement by the bank said the service will be available through MoneyGram’s cash to account service.
It explained that customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal 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 Authomated Teller Machine,” the bank said.
The Chief Executive Officer of MoneyGram, Mr. Alex Holmes and the bank’s General Manager, Operations Division, Mr. Tayo Asupoto made the announcement during a signing ceremony in Lagos.
According to them, the remittances are crucial to Nigeria’s economy, as Nigerians living abroad sent more than $21 billion back into the country in 2015.
“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,” said Holmes.
“This 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,” said Asupoto.
He added that with the account deposit service, customers can receive money transfers via MoneyGram in minutes.
He explained that 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.