A Review of the Nigerian Energy Industry

Access Bank partners MoneyGram on outbound money transfer

15 October 2014, Abuja – Access Bank, in partnership with MoneyGram has launched the outbound money transfer service in Nigeria.

The newly launched MoneyGram outbound money transfer service, labelled: “Naija Sends”, allows Nigerians to send their naira abroad through any Access Bank branch and platform in Nigeria, while the funds are received in the currency of the receiving country.

Access Bank
Speaking at the event, Head; Personal Banking, Access Banking, Mr. Victor Etuokwu said: “What we promise our customers is speed, service and security. This means that we would offer them this service in a manner that is expeditious, quick, with minimal, but legal documentation; the service would be prompt and done in an environment that is secured. In other words, there would be no errors and there would not be fraud.”
According to Etuokwu, the limit on outbound money transfer was raised to $5,000 per transactions, up from $2,000, because there had been some discussions around that.
He noted that it was necessary so that those at the bottom of the pyramid who do trans-border transactions would see it as an enabler for their business.
“If you put the limit so low, you will cut off some micro entrepreneurs. So, it is a welcome development that the regulator is sensitive to some ideas that would grow the economy,” he explained.
Also speaking at the event, Head, Franchise Group, Access Bank, Ola Isola urged Nigerians to use the platform to relate with their loved ones and business partners across the world. “So, be it payment for a child in school, medical payment, business purchases across the world, this is a safe and secured platform. This is a platform that the people within the bottom of the pyramid are conversant with,” he said.
Commenting on the launch, MoneyGram Regional Manager for Anglophone West Africa, Mrs. Kemi Okusanya said, the launch of “Naija Sends” has further deepened the brands reach and service in Nigeria.
She noted that over the last two decades, MoneyGram has facilitated more than 15million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigerians in Diaspora to their loved ones. “As Africa’s largest economy, with over 10million migrants, we are glad we are able to offer this service in Nigeria today,” she said.
With this service, Nigerians can now send money to countries like UK and USA from Nigeria.



– This Day

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