This service, which will be available through MoneyGram’s cash to account service, will GT Bank’s customers receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes.
These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM.
“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015,” MoneyGram CEO, Alex Holmes said during a signing ceremony at the Intercontinental Hotel in Lagos.
He added, “MoneyGram’s account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds. We are pleased to work with GT Bank and we are proud to be connected to almost 1.5 billion bank accounts in five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines.”
Remittance is the second largest source of foreign exchange in Nigeria after the oil sector. According to the World Bank, Nigeria accounts for around two-thirds of total remittance inflow to Sub-Saharan Africa.
In 2015, an estimated US$21 billion flowed into the country. An estimated US$5.7 billion was sent from the United States while about US$3.7 billion was sent from the United Kingdom. Other key corridors include Cameroon (US$2.4 billion), Italy (US$1 billion), and Ghana (US$0.8 billion).
The launch of the MoneyGram receive service by GT Bank will further increase these impressive numbers as Nigerians across the globe use the service to wire money home to friends and family.