Written by Chijioke Nelson
INDICATIONS may have emerged that the recently launched International Money Transfer Services has been accepted as one of the earliest operators of the scheme prepares to debut operations next week.
Specifically, the global money transfer giant, MoneyGram, may have concluded plans to kick-start its outbound money transfer services from Nigeria to over 200 countries, with indications of live operations next week.
The latest move by MoneyGram is aimed at alleviating the difficulties faced by Nigerians in sending funds abroad for family upkeep, schooling and other legally recognised developmental purposes.
The development will also align Nigeria with the best-practice around the world, in line with the country’s standing as Africa’s largest economy.
The Central Bank of Nigeria (CBN) had recently licensed the three major Money Transfer Organizations (MTOs) in Nigeria to engage in outbound service.
MoneyGram, would now become the second operator after Western Union to operate outbound money transfer services from Nigeria.
The MoneyGram outbound transfer service, which will re-inforce the well-known MoneyGram “Receive and Send money in 10 minutes” brand promise is expected to lead to greater convenience and ease, as customers will be able to have access to majority of its locations, through their partner banks.
Already, MoneyGram is offered through respected financial institutions in Nigeria, including Ecobank, United Bank for Africa, First Bank, Access Bank, Sterling Bank, Fidelity Bank, Skye Bank, Keystone Bank, Enterprise Bank, Diamond Bank and Wema Bank.
A leading industry analyst has already noted that with over 10 million migrants resident in Nigeria and financial inclusion still below 50 per cent, the move by the CBN to grant licence to MTOs to engage in outbound fund transfer service from the country was in the right direction.
“The CBN’s policy to allow outbound traffic by the key MTO’s is good. It moves a huge chunk of transfers from this country into the formal sector, allowing the CBN to better track and report this traffic.
“Additionally, the Federal Government will gain from VAT revenue it would have otherwise lost and customers would no longer have to risk losing money by using shady characters for the transactions,” the analyst added.
Culled from http://www.ngrguardiannews.com
Specifically, the global money transfer giant, MoneyGram, may have concluded plans to kick-start its outbound money transfer services from Nigeria to over 200 countries, with indications of live operations next week.
The latest move by MoneyGram is aimed at alleviating the difficulties faced by Nigerians in sending funds abroad for family upkeep, schooling and other legally recognised developmental purposes.
The development will also align Nigeria with the best-practice around the world, in line with the country’s standing as Africa’s largest economy.
The Central Bank of Nigeria (CBN) had recently licensed the three major Money Transfer Organizations (MTOs) in Nigeria to engage in outbound service.
MoneyGram, would now become the second operator after Western Union to operate outbound money transfer services from Nigeria.
The MoneyGram outbound transfer service, which will re-inforce the well-known MoneyGram “Receive and Send money in 10 minutes” brand promise is expected to lead to greater convenience and ease, as customers will be able to have access to majority of its locations, through their partner banks.
Already, MoneyGram is offered through respected financial institutions in Nigeria, including Ecobank, United Bank for Africa, First Bank, Access Bank, Sterling Bank, Fidelity Bank, Skye Bank, Keystone Bank, Enterprise Bank, Diamond Bank and Wema Bank.
A leading industry analyst has already noted that with over 10 million migrants resident in Nigeria and financial inclusion still below 50 per cent, the move by the CBN to grant licence to MTOs to engage in outbound fund transfer service from the country was in the right direction.
“The CBN’s policy to allow outbound traffic by the key MTO’s is good. It moves a huge chunk of transfers from this country into the formal sector, allowing the CBN to better track and report this traffic.
“Additionally, the Federal Government will gain from VAT revenue it would have otherwise lost and customers would no longer have to risk losing money by using shady characters for the transactions,” the analyst added.
Culled from http://www.ngrguardiannews.com
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