As of now, customers in Europe´s key countries can transfer money to most Nigerian bank accounts within minutes*
LAGOS (December 21, 2015) – MoneyGram (NASDAQ: MGI) announced today that it will be the first money transfer company making it possible for its customers in Germany, France, Ireland, Italy, and Spain to transfer money in naira to most private Nigerian bank accounts within minutes*.
“This is an important milestone for us. Through the expansion of our offer to Nigeria, MoneyGram can from now on provide payment accounts for five of the largest markets for credit transfer – Nigeria, China, India, Mexico and the Philippines – over its network”, said Hervé Chomel, MoneyGram´s vice president for the Africa region. “Payments to accounts are a fast and safe possibility to send money to your loved ones or receive money from them, and we are proud to be able to offer our services to our customers in Europe and Nigeria.”
Customers can transfer their money from MoneyGram distribution places in Germany, France, Ireland, Italy and Spain to most private accounts of the Nigeria Inter-Bank Settlement System Network, which consists of the First Bank, UBA, Ecobank, Fidelity and the Zenith Bank.
This marks an important turning point for the Nigerian transferring sector. Through the integration into the Nigerian Inter-Bank payment system, MoneyGram customers are able to transfer their money to most Nigerian bank accounts almost in real time*. Recipients do not have to take any measures and precautions as the money is payed into their account automatically and can be withdrawn both online and over cash machines without them having to go to the bank in person.
* The point in time of the payment depends on the country of destination and is a part of the bank handling times and meeting the commitments of the regulatory requirements.
About MoneyGram, International Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is used as a financial connection for friends and families around the world. Whether online or via a mobile go-between, at a kiosk or a local place, we connect customers however it is best for them. We also provide invoice services and cheques in selected shops. Further information on MoneyGram International, Inc. is available on moneygram.com.