Access Bank, in partnership with MoneyGram, has launched outbound money transfer service in Nigeria.
This partnership has triggered a new turn in Nigeria’s money transfer market and makes Access Bank one of the MoneyGram partners to offer such service.
Meanwhile, the Central Bank of Nigeria (CBN) has increased the maximum value for the recently introduced outbound international money transfer services from $2,000 per transaction to $5,000 per transaction.
The Central Bank disclosed this in a circular posted on its website entitled, “Guidelines for the Operation of International Money Transfer Services (IMTS) in Nigeria: Review of Allowable Limit.”
The newly launched MoneyGram outbound money transfer service, marketed as Naija Sends, allows Nigerians to send naira abroad through any Access Bank branch and platform in Nigeria while the funds are received in the currency of the receiving country.
Speaking at the event, Victor Etuokwu, its Head, Personal Banking, said: “What we promise our customers is speed, service and security. This means that we would offer them this service in a manner that is expeditious, quick, with minimal but legal documentation; the service would be prompt and done in an environment that is secured. In other words, there would be no errors and there would be no fraud.”
He explained that, “there were some discussions around the limit, that it would be necessary to increase it so that those at the bottom of the pyramid who do this type of trans-border transactions would be able to see this as an enabler for their business. If you put the limit so low, you will cut off some micro entrepreneurs. So, it is a welcome development that the regulator is sensitive to some ideas that would grow the economy.”
Also speaking at the event, Ola Isola, Head, Franchise Group, called on all Nigerians to see it as a platform to relate with loved ones and business partners across the world. “So, be it payment for a child in school, medical payment, business purchases across the world, this is a safe and secure platform. This is a platform the people within the bottom of the pyramid are conversant with. The charges are competitive when you compare them with the alternative platforms. But we have to always note service because service that is not paid for is not sustainable.”
Commenting on the launch, MoneyGram Regional Manager for Anglophone West Africa, Mrs. Kemi Okusanya, said the launch of Naija Sends has further deepened the brand’s reach and service in Nigeria. In her remarks, she noted: “Over the last two decades MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from Nigerians in Diaspora to their loved ones.
As Africa’s largest economy with over 10 million migrants, we are glad we are able to offer this service in Nigeria today.”
