UBA’s ‘Naija Sends’ as Impetus to Globalisation

Raheem Akingbolu writes on the introduction of outbound money transfers, otherwise tagged ‘Naija Sends’, by the United Bank of Africa (UBA) and Moneygram, and how it will help transnational transactions

Few months after the Central Bank of Nigeria (CBN) launched the international outbound money transfer channel which would allow transfer of funds overseas from Nigeria using the naira currency instead of the dollar or other foreign exchange denominations, the United Bank for Africa (UBA) Plc. and global Money Transfer giant, MoneyGram have followed suit.
The new offering according to the partners would allow 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 the service, Nigerians can now send money to countries like UK and USA from Nigeria. But while the Nigerian will send money in Naira, 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 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.
For UBA and MoneyGram, two financial partners that have been together for the upward period of 16 years, industry watchers believe the new achievement will further position them as responsible organisations with innovations to make life easy for customers.

Being the first financial institution to align with the  global money transfer organisation in Nigeria, the unveiling of ‘Naija Sends’ was also regarded as one of the  indications that the DNA of the two companies are the same.    According to THISDAY findings, not less than 15 subsidiaries of UBA in Africa currently offer MoneyGram services. In fact, for many years, most of UBA’s African subsidiaries had offered outbound money transfer service to customers in other parts of Africa.

Features and Process
Though a fresh move to comply with the CBN directive on international money transfer, the MoneyGram Naija Sends initiative come with some features that will make it attractive to customers. For instance, a customer can send up to $5,000 in naira equivalent per transaction at low fees. The beauty of it all is that it will be consummated under 10mins.
However, for customers to enjoy the offering, all that is required is the need for the interested party to visit any UBA branch where he will be issued a UBA/MoneyGram Send form.

According a statement issued by the bank shortly after it was launched, the form will be filled with all details of the beneficiary such as the name, amount and country and the transaction is processed. It was further stated that a receipt will be generated for the customer, which contains a reference code. Meanwhile, the said code will be communicated to the beneficiary by the sender who will then use this to pick up the cash in their local currency.
Aside other advantages, the new development are expected to change the course of the remittance business in Nigeria and add to the stables of UBA Money transfer offerings to its customers.

Practical Demonstration
To show to the world that the bank was passionate about the new product, UBA’s Chief Executive Officer, Phillips Oduoza, was on ground at the launch to demonstrate how it works. Through a live demonstration, the CEO performed what looked like a drama 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, the GMD had 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 as 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 bought.

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. 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,” Oduoza said.
Also speaking, Regional Manager, Anglophone West Africa, MoneyGram, Mrs. Kemi Okusanya, said the launch of ‘Naija Sends’ has further deepened the brand’s reach and service in Nigeria.

With this service, Nigerians can now send money to countries like UK and USA from Nigeria. The Nigerian will send money in Naira, 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 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.

Auto Industry: Will GAC Brand Alter the Status Quo?
Owning a new car is the wish of many Nigerians but only a few can achieve the dream. This explains why most people settle for used cars, otherwise known as ‘Tokunbo cars.’  However, compared to the past, things are changing in the recent times because the market has attracted auto companies from other markets, who are offering affordable cars. In a way, this has over time changed trend and purchasing pattern in the market. It has also created a platform for choices and affordable cars.

The competition in the market took a new twist recently, when CIG Motors entered the market with GAC brand of vehicles. From the build-up to the launch to the test-drive of the new cars, the promoters of the brand in the Nigeria market displayed a rare confidence in the market. The one-day test-drive which took place from Lekki-Epe expressway, to Akobo, Ibadan via the Lagos-Ibadan expressway, was used to familiarise journalists with the features of the new brand.

CIG Motors, the sole representative for GAC brand of vehicles in Nigeria initiated the test drive as part of the brand’s elaborate plans to launch itself fully into the Nigerian auto-market.
At the IITA conference Centre in Ibadan, the Sales and Marketing Director of CIG Motors, Mr. Kayode Adejumo, informed journalists from major media houses in Nigeria that the exercise was the first major attempt by his company to formally unveil the GAC brands to newsmen in grand style.

Adejumo said it was a way of getting Nigerians and prospective customers to gain insight into the unique selling points of the brand.
He stated that the launch of GAC brand of vehicles into the country was informed by the need to offer Nigerians the best from China with the highest standard applied in vehicle manufacturing giving value for money with the most advanced technologies imputed.
“We are here to offer Nigerians the best from China with the highest standard applied in vehicle manufacturing giving value for money with the most advanced technologies  imputed;”

He said the first set of models to be launched into the market which were used during the test drive exercise are GS5 2.0L engine, the mid luxury SUV, currently the flagship.
He listed the selling points to include advanced world-class factory; Stamping: Automation in the whole assembly process, security and accuracy implemented; Welding: Precision Cast with the steel frame, without the slightest error; Painting: Superior quality, environmental protection and energy saving; Integrated assembly: Adjustable production, high efficiency and high quality.

Considering the features of the brand, its price and the aggressiveness of the people of China where it originated, the brand might be around to repeat what the likes of KIA, Hyundai and a few other brands did for older brands like Toyota, Peugeot and Volkswagen in the market. The arrival of the new brands a few years ago didn’t only influence the market, it changed the perception that new cars were for top government functionary or CEO of companies.
Before the entrance of KIA brands into the nation’s auto industry, there were of course many brand names but its entry revolutionised the market.

Like KIA and other affordable cars, CIG Motors has entered the market with cost effective vehicles that will appeal to the middle class and other targeted segments.
If the owner of the brand can follow their projection very well, the brand might puncture the market share of the existing brands and emerge as consumers’ first choice.

Culled from: http://www.thisdaylive.com