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Nigeria鈥檚 money transfer business landscape entered a new phase as the United Bank for Africa (UBA) Plc and MoneyGram launched outbound money transfers in Nigeria.
The newly launched MoneyGram service allows Nigerians to send money abroad through any UBA branch in Nigeria or Africa, while the funds are received in dollar or the currency of the receiving country.
With this service, Nigerians can now send money to countries like the United Kingdom (UK) and the United States of America (USA) from Nigeria. The Nigerian, for instance, will send money in naira, the person receiving in the UK or the 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 working 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鈥檚 head office in Marina, Lagos, was hosted by UBA鈥檚 Group Managing Director (GMD)/CEO, Phillips Oduoza, who had a live demonstration of how the service will work by sending money from Nigeria to Ghana.
He sent naira, which was received in real time in Ghana Cedis by the CEO of UBA Ghana. The transaction was witnessed by the media and other assembled guests both in Ghana and Nigeria via video link.
Speaking during the event, UBA鈥檚 GMD said the new UBA and MoneyGram outbound money transfer service will boost trade and business between African countries as many Nigerians who do business across Africa, no longer have to move around with cash as they can easily transfer money to their business partners in other African countries or in China, Europe and America.Related Articles:
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