BrandArena: Ecobank Nigeria launches MoneyGram Outbound Money Transfer Service

Thursday 16 July 2015

Ecobank Nigeria launches MoneyGram Outbound Money Transfer Service

Ecobank Nigeria has commenced MoneyGram Outbound Money Transfer Service.  The newly launched ‘MoneyGram Naija Sends’ service allows Nigerians to send money abroad through any of about 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country.

A customer, who wishes to use the service, would pay the naira equivalent (plus applicable charges) to Ecobank as an agent of MoneyGram for the foreign currency that would be paid to the specified beneficiary in the destination country.  The initiative is in line with the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in Nigeria.

Kingsley Umadia , Executive Director, Ecobank Nigeria, lauded the partnership with MoneyGram, saying, it represents a significant milestone  as customers can now send funds to family and friends around the globe in naira which can then be picked up in the currency of the receiving country where available.

According to him, “this innovative, customer-centric initiative is another way of delivery of excellent service to our customers. As a bank, we will continue to deliver and raise the bar of customers’satisfaction,” adding that, it would also boost trade across the continent.

Alex Hoffman, Executive Vice President, Business Development and Global Product, MoneyGram said, “At MoneyGram, we believe in movement, we believe in progress. We believe in never being satisfied with the status quo, we believe in pushing the boundaries to give more to our customers the ability to send out of Nigeria, what we in Nigeria call Naija Sends. This represents our commitment to Movement.”

He explained that customers of Ecobank can now walk into any of the bank’s branches and send money to the world on MoneyGram.

 “I will like to express my confidence that Ecobank shall deploy its characteristic excellence in marketing, operations and compliance to this product, and I am sure by December- Ecobank will be the number one MoneyGram send agent in Nigeria, “he said.

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