MoneyGram Launches Naira Account Deposit Services

MoneyGram has announced that it is offering customers in France, Germany, Ireland, Italy and Spain a way to send money to their personal naira bank accounts at competitive exchange rates.

MoneyGram’s Regional Vice President for Africa, Herve Chomel, in a statement yesterday, described the development as a significant milestone for the payment company.

“With the addition of Nigeria, MoneyGram now offers bank account deposits through our network into five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines,” Chomel said.

“Account deposit is a fast and secure way to send and receive funds between loved ones and we are proud to offer the service for our customers in Europe and Nigeria,” he added.

With this service, customers can send money to most of the personal accounts held at banks that are members of the Nigeria Inter-Bank Settlement System network such as FirstBank, UBA, Ecobank, Fidelity, and Zenith Bank; from MoneyGram agent locations in France, Germany, Ireland, Italy and Spain.

“This marks an important innovation for the remittance industry in Nigeria. By integrating into the Nigerian InterBank Payment System, MoneyGram customers are able to send money into most bank accounts in Nigeria, almost in real time. Receivers do not have to undertake any action as the funds are automatically deposited into their account and can be accessed via ATM’s or online, without the constraint of a physical over-the-counter visit,” he added.

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