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Nigerian bank enables remittance service

The bank has teamed with MoneyGram to enable its customers to receive remittances directly to their bank accounts.

March 17, 2016

Nigerian retail bank GT Bank has announced it will integrate MoneyGram's cash transfer service across its network. This will enable Nigerian customers to receive money from around the globe from MoneyGram customers who send funds from a kiosk or MoneyGram location, according to the press release.

With the integration, Nigerian customers can receive remittances directly into their bank accounts from friends and family from 129 countries.

"Remittances are crucial to Nigeria's economy. Nigerians living abroad sent more than $21 billion back into the country in 2015," said Alex Holmes, MoneyGram CEO. "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."

"This collaboration with MoneyGram is a reflection of the bank's commitment to building strategic partnerships that birth innovative financial solutions and provide our customers with a superior banking experience," said Tayo Asupoto, general manager of GT Bank. "With the account deposit service, our customers can receive money transfers via MoneyGram in minutes."