MoneyGram has signed an agreement with Guaranty Trust Bank (GT Bank) to launch it’s receive services across the GT Bank network.
This service will be offered to customers via MoneyGram’s cash to account service.
Using this service, customers in Nigeria can now receive money from friends and family in 129 countries directly into their personal GT Bank accounts within minutes, MoneyGram said.
MoneyGram added that these funds can be accessed as customers would normally do on all deposits into their accounts either in person, online or through an ATM.
MoneyGram CEO Alex Holmes said: "Nigerians living abroad sent more than $21 billion back into the country in 2015. MoneyGram’s account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds.
"We are pleased to work with GT Bank and we are proud to be connected to almost 1.5 billion bank accounts in five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines."
GT Bank general manager for operations division Tayo Asupoto said: "This collaboration with MoneyGram is a reflection of the bank’s commitment to building strategic partnerships that birth innovative financial solutions and provide our customers with a superior banking experience.
"With the account deposit service, our customers can receive money transfers via MoneyGram in minutes."
According to the World Bank, Nigeria accounts for around two-thirds of total remittance inflow to Sub-Saharan Africa.