Business News of Tuesday, 29 May 2018
Leading global money transfer and payment company, MoneyGram has teamed up with the Agricultural Development Bank (ADB) to launch a new channel that allows customers to transfer money directly to bank accounts in Ghana.
Customers in Ghana can now receive money from friends, family, and loved ones from over 200 countries, including from the USA, UK, Germany, and Italy, directly into their personal accounts within minutes of transaction.
While customers can send funds through MoneyGram to all major banks including ADB, remittances can be accessed by recipients on all deposits into their accounts either in person, online or through an ATM machine.
Also, the 24-hour service by MoneyGram allows its customers access their monies all day and night including weekends and holidays which is especially useful in emergencies.
“This is an enhancement to the options of our relatives and loved ones abroad to send money. ADB is glad to be the partner brand in this new venture which seeks, not only to deepen the financial inclusion agenda of government but will ensure some comfort for customers since their account will be credited directly. As a bank, we particularly grateful to be a part of this partnership. We are optimistic that this new product launched today will greatly attract more people to become customers of our bank and join user-friendly products,” says Dr. John Mensah, ADB Managing Director.
Speaking at a signing ceremony in Accra, Dr. John Mensah expressed his thrill when management informed him about identifying the risk involved in the new service and swiftly found a solution to address the risk.
With Ghana being the 5th largest remittance receive market, John Gely, Head of Africa – MoneyGram International described money transfer as an important growing market for MoneyGram adding that the “launch of an account deposit service is a par level strategy to provide customers with a convenient and accessible technology based financial service.”
The money transfer channel plans to continue an expansion of this service with more banks coming online in the future.
About MoneyGram International, Inc.
MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. MoneyGram offers worldwide money transfer services in more than 200 countries and territories through a global network of 347,000 agent locations, including retailers, international post offices and banks. MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets.