MoneyGram CEO in Nigeria to launch the service and reinforce company’s commitment to grow its network in the country
MINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today that First Bank of Nigeria Plc has selected MoneyGram to provide money transfer services in its more than 500 locations across the nation. First Bank, established in 1894, is Nigeria’s oldest bank and one of the largest in terms of network size. First Bank has locations in all key cities including Abuja, Benin, Lagos, Iabdan, Port Harcourt, and Warri as well as a significant presence in rural Nigeria, some operating 24 hours a day, seven days a week, making MoneyGram services even more convenient for Nigerians.“Our partnership will help to ensure that our services are accessible and convenient for the people of Nigeria and that we can continue to meet the growing demand of consumers in this important remittance market.”
“MoneyGram, which has operated in Nigeria since 1998, saw significant growth between 2006 and 2008 when it tripled its network in the country,” said Vicky Johnston, MoneyGram’s senior regional director for Anglo Africa and Middle East. “We are excited about partnering with First Bank as it is MoneyGram’s most recent and significant expansion which will allow us to provide a service to so many more people through the bank’s large number of branches.”
To commemorate the agreement with First Bank Plc, MoneyGram’s Chairman and CEO, Pamela H. Patsley is in Nigeria and will attend the official launch event scheduled for today. During her visit, Patsley will address the media as well as CEOs of MoneyGram’s agent banks in Nigeria, discussing the common goal of bringing needed financial services to the people of Nigeria and the growth opportunities there.
“MoneyGram is pleased to partner with First Bank,” said Patsley. “Our partnership will help to ensure that our services are accessible and convenient for the people of Nigeria and that we can continue to meet the growing demand of consumers in this important remittance market.”
Nigeria, Africa’s most populous nation, is ranked in the top 10 receive countries for money transfers. The World Bank estimates that $10 billion USD in remittances was sent to Nigeria in 2009 – with the United States being the primary send country. Other top send countries include Canada, Germany, Israel, Italy, Liberia, Libya, Malaysia, Spain, South Africa and the United Kingdom.
With the First Bank agreement, MoneyGram now has a total of eight bank relationships, thus further proving that MoneyGram is dedicated to providing reliable and safe money transfer services to Nigerians – wherever they may reside. Furthermore, agent banks in Nigeria have brought a positive experience to the remittance business with their individual pedigree in banking, service quality delivery and branch network, which provides a sense of ease for those receiving funds from family members working in other countries.
Additionally, MoneyGram is pleased to announce Nigerian immigrants in the U.S. can send up to $50 USD for the cost of $5 USD from the U.S. to Nigeria. This special pricing is available in the over 33,400 U.S. locations and is effective from June 1 to July 31, 2010.
About MoneyGram International
MoneyGram International offers more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 200,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or find us on Facebook.
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