MoneyGram introduces account deposit for remittance market

As part of efforts to ease the constraints faced by bank customers, MoneyGram has announced a new account deposit offer of $21 billion annual remittance, which allows customers to send money directly into their recipient’s bank account.

The company said this is the first money transfer company to offer customers in France, Germany, Ireland, Italy and Spain a way to send money to most personal Nigerian bank accounts within minutes at competitive exchange rates.

MoneyGram’s Regional Vice President for Africa, Herve Chomel, said: “This is a significant milestone for us. 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,”

He 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 further explained that customers can send money to most of the personal accounts held at banks that are members of the Nigeria Inter-Bank Settlement System network including First Bank, 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 Inter-Bank Payment System, MoneyGram customers are able to send money into most bank accounts in Nigeria, almost in real time,” he said.

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.