West and North Africa

MoneyGram Launches Outbound Service in Nigeria

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MoneyGram consumers in Nigeria can now send funds to more than 200 countries and territories

Lagos, Nigeria –– MoneyGram (NASDAQ: MGI), MoneyGram International, a leading money transfer company, has activated outbound remittance services in Nigeria. The launch represents a significant milestone because it enables customers to send funds to family and friends around the globe in Naira which can then be picked up in the currency of the receiving country where available. Over-the-counter financial services are important in Nigeria where less than 50% of the population is engaged in formal banking.

 

Launched last month, MoneyGram’s outbound service is offered in Nigeria through 13 leading banks and can be found in over 3,000 locations across the Nigerian Federation.   The agents include First Bank of Nigeria, UBA, Skye Bank, Enterprise Bank, WEMA Bank, KeyStone Bank, MainStreet Bank, Ecobank, Union Bank Fidelity Bank, Sterling Bank, Access Bank and Diamond Bank.

 

Nigeria is a key driver of economic development across Africa.  According to the World Bank, Nigeria is the largest economy in Africa with a GDP of $521 billion. According to the World Bank, $21 billion in remittances flowed from the country in 2013.

 

About MoneyGram International, Inc.

MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 347,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.

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