US-based money transfer company MoneyGram has started direct money transfer service to any bank account in the African country of Ghana.
Following the launch, customers in Ghana can send money through MoneyGram online to any of its locations across the globe.
The funds can be procured by the receiver in minutes through online, an ATM or in person.
The introduction of this new service forms a part of MoneyGram’s overall strategy to strengthen its presence across the globe by offering convenient payment alternatives.
MoneyGram global chief revenue officer Grant Lines said: “We see a potential in the increasing adoption of banking services in Ghana and want to drive financial inclusion in the region by offering our consumers more digital money transfer options.
“Currently our global account deposit network consists of more than two billion bank, virtual and mobile accounts in 48 countries.”
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According to a report by World Bank, nearly $2.2bn was remitted into Ghana last year, a growth of around 4.3%.
Most of these inflows were from the US with $585m, followed by Nigeria, the UK, Italy and Germany.