MoneyGram Launches Account Deposit for Nigerian diaspora in Europe

MoneyGram has extended its Nigerian remittance service to customers in several European markets.

The service will allow the Nigerian diaspora in France, Germany, Ireland, Italy and Spain to send most personal Nigerian Naira bank accounts. Depending on the market, money can be transferred in just a few minutes, although transactions are subject to banking hours and compliance with regulatory requirements.

“With the addition of Nigeria, MoneyGram now offers bank account deposits through our network into five of the world's largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines,” says Herve Chomel, MoneyGram’s regional vice president for Africa. “Account deposit is a fast and secure way to send and receive funds between loved ones and we are proud to offer the service for our customers in Europe and Nigeria.”

Customers can send money to most of the personal accounts held at banks that are members of the Nigeria Inter-Bank Settlement System network including First Bank, UBA, Ecobank, Fidelity, and Zenith Bank from MoneyGram agent locations in Europe.

By integrating into the Nigerian Inter-Bank Payment System, MoneyGram customers are able to send money into most bank accounts in Nigeria, almost in real time. Receivers do not have to undertake any action as the funds are automatically deposited into their account and can be accessed via ATM’s or online, without the constraint of a physical over-the-counter visit.

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