MoneyGram International, a leading money transfer company, has started outbound remittance services in Nigeria.
The launch of the service tagged 'Naija Sends' represents a significant milestone because it enables customers to send funds to family and friends to over 200 countries around the globe in Naira which can then be picked up in dollars or the currency of the receiving country where available.
Send Naira abroad - MoneyGram's 'Naija Sends' service
Over-the-counter financial services are important in Nigeria where less than 50% of the population is engaged in formal banking.
Launched last month, MoneyGram’s outbound service is offered in Nigeria through 13 leading banks and can be found in over 3,000 locations across the Nigerian Federation. The agents include First Bank of Nigeria, UBA, Skye Bank, Enterprise Bank, WEMA Bank, KeyStone Bank, MainStreet Bank, Ecobank, Union Bank Fidelity Bank, Sterling Bank, Access Bank and Diamond Bank.
MoneyGram's Regional Manager for Anglophone West Africa - Mrs. Kemi Okusanya
MoneyGram's Regional Manager for Anglophone West Africa - Mrs. Kemi Okusanya, said the launch of the outbound service has further deepened the brand’s reach and service in Nigeria.
Nigeria is a key driver of economic development across Africa. According to the World Bank, Nigeria is the largest economy in Africa with a GDP of $521 billion. According to the World Bank, $21 billion in remittances flowed from the country in 2013.