TheCable

Nigeria’s money transfer business landscape evolved into a new phase on Sunday, as the United Bank for Africa (UBA) Plc and MoneyGram launched outbound money transfers in Nigeria.

With the newly-launched MoneyGram outbound money transfer service, Nigerians can now send money to countries such as UK and USA from Nigeria. The Nigerian will send money in Naira while the person receiving in UK or USA will receive it in pounds or dollars.

The outbound money transfer service allows Nigerians to send money in Naira to over 200 countries around the world by simply walking into any UBA branch in Nigeria or in the 18 other African countries where UBA has operations outside Nigeria or through any other MoneyGram agent bank.

The launch event, which held at UBA’s head office in Marina, Lagos, was hosted by Phillips Oduoza, UBA’s GMD/CEO, who demonstrated how the service works by sending money from Nigeria to Ghana. He sent Naira, which was received in real time in Ghanaian Cedis by the CEO of UBA Ghana. The transaction was transmitted via video and was witnessed by the media and guests both in Ghana and Nigeria.

Speaking at the event, Oduoza said the new UBA and MoneyGram outbound money transfer service would boost trade and business between African countries, as many Nigerians who do business across Africa no longer have to move around with cash since they can easily transfer money to their business partners in other African countries or in China, Europe and America to pay for goods and services.

He described the new money transfer service, which has been tagged ‘Naija Sends’, as yet another testimony to the innovative, customer-centric disposition of both UBA and MoneyGram.

“This service opens a new vista of opportunity for Nigerians to easily trade with other Africans and also trade with other parts of the world,” he said.

“It also offers a great platform to send money to loved ones abroad. As Africa’s global bank, we are proud to partner with MoneyGram to make this service available. It opens a whole new world of opportunities for our customers.”

On her part, regional manager, anglophone West Africa, MoneyGram, Kemi Okusanya, said the launch of ‘Naija Sends’ has further deepened the brand’s reach and service in Nigeria.

“Over the last two decades, MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigeria diaspora to their loved ones,” she said.

“As Africa’s largest economy, with over 10 million migrants, we are glad we are now able to also offer Nigerians the opportunity to send money abroad to their loved ones and for business transactions.

“MoneyGram, with over 300,000 locations in over 200 countries, partnering with UBA with over 700 business offices in 19 African countries and offices in New York, London and Paris, offers the best choice for Nigerians sending money abroad to loved ones.”

MoneyGram started operation in Nigeria 16 years ago with UBA as its first Agent Bank partner. Today, the network includes 13 Agent Bank partners operating through nearly 5000 locations.