Nigeria’s United Bank for Africa (UBA) and global Money Transfer service MoneyGram yesterday launched the first outbound money transfers in Nigeria, a move that will see Nigerian’s send money to their friends and family outside the country.
The outbound service will allow Nigerians to send money to over 200 countries abroad through any UBA branch in Nigeria or Africa to users who may receive the cash in dollar, pounds or the currency of the receiving country.
Speaking during the event, UBA’s GMD said, “This service opens a new vista of opportunity for Nigerians to easily trade with other Africans and also trade with other parts of the world. It also offers a great platform to send money to loved ones abroad. As Africa’s global bank, we are proud to partner with MoneyGram to make this service available. It opens a whole new world of opportunities for our customers.”
“MoneyGram with over 300,000 locations in over 200 countries, partnering with UBA with over 700 business offices in 19 African countries and offices in New York, London and Paris, offers the best choice for Nigerian’s sending money abroad to loved ones” she stated.
MoneyGram started operation in Nigeria 15 years ago with UBA as its first Agent Bank partner. Today, the MoneyGram network includes 13 Agent Bank partners operating through nearly 5000 locations.
United Bank for Africa Plc is one of Africa’s leading financial institutions offering banking services to more than 10 million customers across over 700 business offices in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, trade finance and investment banking.
“Over the last two decades MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigeria Diaspora to their loved ones. As Africa’s largest economy, with over 10 million migrants, we are glad we are now able to also offer Nigerians the opportunity to send money abroad to their loved ones and for business transactions” said Regional Manager, Anglohone West Africa, MoneyGram, Mrs. Kemi Okusanya.
Western Union and PayPal recently launched in the country to help users receive payments from their friends or clients outside the country. Payments and money disbursement service will help open up Nigeria’s economy to the world, now the biggest economy on the continent.