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MoneyGram Consolidates Market Presence In Nigeria, Partners DiamondBank

By Eric Eghaghe
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MoneyGram, the global money transfer company has announced the consolidation of its presence in the Nigerian money market with the successful commencement of partnership with Diamond Bank Plc to provide premium money transfer service at strategic locations in the country.

With the new partnership deal signed with Diamond Bank Plc, MoneyGram has succeeded in creating a critical additional to its existing active locations in major cities and communities of Nigeria.

Executive Vice President, MoneyGram USA and Canada, Mr. Peter Ohser said, “With Diamond Bank joining our network, we now have over 4000 active locations in Nigeria. What this means is when your loved one sends you money from Paris, or Oslo or Moscow, or Tokyo, or New York…you can receive that money, in ten minutes, almost anywhere in Nigeria.”

Ohser noted further that the partnership is beyond furthering MoneyGram business interests, but a genuine way to provide a solution for a very acute need of Nigerians, at home and in the diaspora. He explained that according to World Bank information, Remittances in 2012 injected approximately $ 20 billion as opposed to $ 7 billion in Foreign Direct Investments.

“MoneyGram service is a critical lifeline, allowing Africa's largest Diaspora-Nigerians Abroad - send money home to loved ones for upkeep, healthcare and education. Without our services and our partners, these Nigerians would fall prey to black market solutions which are susceptible to fraud and illegality," he noted.

Commenting on the partnership, MoneyGram Vice-President Africa, Mr. Herve Chomel foresees rapid market expansion for MoneyGram in Nigeria given the continuous economic growth indications the country is witnessing in the African Market recently. He therefore expressed delight in the partnership with Diamond Bank as one of the country's rapidly expanding Banks.

Speaking on behalf of Diamond Bank Plc, Executive Director - Retail Banking, Mr. Uzoma Dozie, disclosed that the partnership was an important milestone in providing secure and accessible money transfer services to meet the needs of the Bank's customers.

According to him, “When we began money transfer services, the initial focus was to provide efficient transfer services to our customers trading across Nigeria so we spent about sixty percent of our equity in building a convenient and accessible platform. Today, we are taking it to a different dimension and widening the platform to embrace Nigerians in the Diaspora.”

On his part, Divisional Head, Transaction & e-Banking, Diamond Bank Plc, Mr. Daniel Akumabor, assured the MoneyGram team to expect significant growth on the platform deriving from the partnership with the bank. He further disclosed that the choice of MoneyGram was because the brand resonated well with the Bank's target customers.

The MoneyGram brand is recognized throughout the world as a leading global payment services company. The diverse array of products and services offered by the money remittance company enables consumer and businesses to make payments and transfer money around the world. From New York to Russia or London to India - in more than 200 countries - MoneyGram's money transfer service moves money quickly and easily around the world.