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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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MoneyGram & GT Bank Launch MoneyGram receive service into Nigeria

bycitibusinessnews
March 21, 2016
in Africa, Top Stories, West Africa
Share on FacebookShare on TwitterShare on Whatsapp

MoneyGram and GT Bank, one of the leading retail banks in Nigeria, has announced the launch of MoneyGram’s receive services across the GT Bank network.

This service will be available through MoneyGram’s cash to account service.

Customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes.

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These funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM.

MoneyGram CEO Alex Holmes and GT Bank general manager, operations division, Tayo Asupoto made the announcement during a signing ceremony at the Intercontinental Hotel in Lagos.

“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015,” said Holmes.

“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 Asupoto.
“With the account deposit service, our customers can receive money transfers via MoneyGram in minutes.”

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 $21 billion flowed into the country. An estimated $5.7 billion was sent from the United States while about $3.7 billion was sent from the United Kingdom.

Other key corridors include Cameroon ($2,4 billion), Italy ($1 billion), and Ghana ($0,8 billion).
–
Credit : APO

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