MoneyGram is offering European customers the option to send funds within minutes to most personal Nigerian bank accounts.
MoneyGram is calling the money-transfer service for those in France, Germany, Ireland, Italy and Spain the first to operate in near-real time in Nigeria.
"This is a significant milestone for us," Herve Chomel, MoneyGram's regional vice president for Africa, stated in a Dec. 23 press release. "Account deposit is a fast and secure way to send and receive funds between loved ones and we are proud to offer the service for our customers in Europe and Nigeria."
Customers can send funds from MoneyGram agent locations to most of the personal accounts at banks that are members of the Nigeria Inter-Bank Settlement System network, including First Bank, UBA, Ecobank, Fidelity and Zenith Bank.
Those receiving funds do not have to visit a MoneyGram location or their bank to obtain the money. They have access to the funds in local naira currency through ATMs or online banking channels.
Though most transfers will occur within minutes, the timing is subject to banking hours and some regulatory requirements, MoneyGram stated.