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Nigeria's GT Bank, MoneyGram link up for instant remittances

An agreement between the two providers will deposit remittances directly into the recipient's account for immediate ATM, branch or online access.

March 18, 2016

MoneyGram and Nigeria's GT Bank have launched MoneyGram receive services across the GT Bank network. The service will be available through the MoneyGram cash-to-account service.

According to a press release, customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT Bank account within minutes. Funds can be accessed in person, online or through an ATM.  

"Remittances are crucial to Nigeria's economy," said MoneyGram CEO Alex Holmes. "Nigerians living abroad sent more than $21 billion back into the country in 2015. MoneyGram's account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds."

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.

"With the account deposit service, our customers can receive money transfers via MoneyGram in minutes," Holmes said.