US-based MoneyGram has entered into a strategic partnership with Nigeria-based Diamond Bank to offer premium money transfer service at strategic locations across the country.
MoneyGram USA and Canada executive vice president, Peter Ohser, said: "With Diamond Bank joining our network, we now have over 4000 active locations in Nigeria.
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"MoneyGram service is a critical lifeline, allowing Africa’s largest Diaspora-Nigerians Abroad – send money home to loved ones for upkeep, healthcare and education. Without our services and our partners, these Nigerians would fall prey to black market solutions which are susceptible to fraud and illegality."
A data from World Bank was cited by Ohser as saying that remittances in 2012 injected roughly $20bn as opposed to $7bn in Foreign Direct Investments (FDI).
Diamond Bank executive director of retail banking, Uzoma Dozie, added that the partnership was an important milestone in providing secure and accessible money transfer services to meet the needs of the bank’s customers.
According to Dozie, "When we began money transfer services, the initial focus was to provide efficient transfer services to our customers trading across Nigeria so we spent about 60% of our equity in building a convenient and accessible platform."
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