Nigeria: Access Bank and Moneygram launch new outbound money transfer service

Oct 16, 2014

Access Bank has partnered with MoneyGram to launch an outbound money transfer service in Nigeria.

Access
Bank has partnered with MoneyGram to launch an outbound money transfer
service
in Nigeria.

"The 'Naija sends' service will help alleviate the difficulties associated with sending funds from Nigeria to family
overseas", said group head of franchise banking at Access Bank, Ola Isola, quoted by Vanguard.

MoneyGram West Africa's manager Kemi Ogunsaya added that it is a platform for easy interaction between business people in and out of the country that will facilitate trading.

This launch comes a month after the Central Bank of Nigeria (CBN) launched the Outbound Money Transfer Services in partnership with the Western Union Money Transfer.

It has also reviewed the guidelines on international monetary transfer, with the maximum allowable limit for outbound transfers set at $2,000 (€1,560) per transaction.

Furthermore, the institution stated that no person or institution shall operate international money transfer services unless they have been duly licensed by the CBN.ADNFCR-2976-ID-801754641-ADNFCR