MoneyGram has deepened its reach in Ghana’s busy remittances market with a new partnership with Accra-based Capital Bank, its fifth alliance with a major financial institution in the country.
Capital Bank, with 22 branches nationwide, will add MoneyGram to existing remittance services it offers, including Ria, according to a Feb. 16 announcement. The bank plans to integrate MoneyGram with its ATMs and mobile wallets, said Rev. Fitzgerald Odonkor, Capital Bank’s managing director, in a press release.
The partnership extends MoneyGram’s reach to 2,000 bank and retail outlets across Ghana, added John Gely, MoneyGram International’s vice president of finance, in the release. MoneyGram already has partnerships in the country with Ecobank, Global Access Savings & Loan, Ghana Commercial Bank and ADB.
An estimated 800,000 Ghanaians work abroad, and Ghana receives about $1 billion in remittances annually. Key remittance corridors to Ghana include the U.S., U.K., Canada, France and Germany.
China's Ant Financial recently announced plans to buy MoneyGram for $880 million in a deal set to close later this year.