Through the GT Bank network and MoneyGram, Nigerians can now receive money from 129 countries.
The service will be provided through the cash to account service from MoneyGram and will process transfers of money in just minutes, which will simplify the normal methods of in-person, online or ATM receipt of money available to customers in Nigeria.
This comes at an important time, as remittances are the second-to-largest way that money is exchanged in Nigeria -- only surpassed by the oil sector. It is estimated that $5.7 billion from the United States and $3.7 billion from the United Kingdom was sent to Nigeria in 2015, making up part of the total $21 billion inflow.
MoneyGram CEO Alex Holmes discussed the need for remittances and the benefits of the coming service.
"MoneyGram’s account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds," Holmes said.
Likewise, GT Bank's General Manager Tayo Asupoto is pleased at the widening options its customers can utilize.
“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,” Asupoto said. “With the account deposit service, our customers can receive money transfers via MoneyGram in minutes."
Currently, MoneyGram is affiliated with close to 1.5 billion bank accounts throughout Nigeria, China, India, Mexico and the Philippines.