MoneyGram one of the popular money transfer companies with global presence has introduced direct money transfer into local accounts for Nigerians in France, Germany, Ireland, Italy and Spain. According to the statement released by the company, this is the first time a money company is offering Nigerians abroad with a direct money transfer to local accounts.
The Regional Vice President for Africa of MoneGram, Herve Chomel, described the new innovation as a significant milestone. According Chomel, Nigeria is now among the world’s five largest remittance receive markets which include China, Nigeria, India, Mexico and the Philippines. The newly introduced account deposit as mentioned by Herve is a quick and safe means of sending money from Europe to Nigeria.
Nigerians in France, Germany, Ireland, Spain and Italy will be able to transfer money to the local accounts of their loved ones in any of the banks that are members of the Nigeria Inter-Bank Settlement System network which includes First Bank, Fidelity, UBA, Zenith Bank and Ecobank.
No action is required from the receivers of any fund transferred through the account deposit of MoneyGram before they will be able to access the fund because the money is already deposited in their accounts. They can withdraw the money over-the-counter in the banking hall, online or through ATM.