“Naija Sends” opens a new vista in UBA and MoneyGram relationship

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Phillips Oduoza,
UBA GMD/CEO officially became the first person to carry out a MoneyGram
outbound money transfer service from Nigeria, when on Monday, October 13, 2014
he sent N10,000 to the MD/CEO UBA Ghana through the MoneyGram outbound money
transfer service.
 
 
Regional Manager,
Anglophone West Africa, MoneyGram, Mrs. Kemi Okusanya
; GMD/CEO, UBA Plc, Mr. Phillips Oduoza; and Executive Director,
Treasury and International Banking, UBA Plc, Mr. Femi Olaloku
during the
launch of Nigeria’s first outbound money transfer service by UBA and MoneyGram,
held at UBA House in Marina, Lagos.
 
The money, sent in
Naira, was received by the Managing Director of UBA Ghana in Cedis in real
time. It was an occasion filled with significance as it marked the first time
UBA and MoneyGram were able to provide the outbound money transfer services in
Nigeria, despite being in the country in the last 15 years.
 
The last 15 years
has been a period in which money transfer services has become a huge business
as people migrate from one country to another.
 
According to the
World Bank “Nearly one billion people, that is, one out of every seven persons
on the planet, have migrated internally and across international borders in
search of better opportunities and living conditions.”
 
Nigerians are known
to a big part of the global migrant community. Following the path of
international migration, remittance flows to developing countries have more
than quadrupled since 2000, according to the World Bank.
 
“Global
remittances, including those to high-income countries, are estimated to have
reached $529 billion in 2012, compared to $132 billion in 2000.”
 
GMD/CEO
UBA Plc, Phillips Oduoza (2nd right) initiating Nigeria’s first outbound
money transfer service through MoneyGram in  Lagos. With him
are (left to Right) Div. Head Retail Products, UBA, Olumide Osunyomi, Regional
Manager, Anglophone West Africa, MoneyGram, Kemi Okusanya and Deputy CEO, UBA
Africa Emeke Iweriebor at the launch ceremony the UBA/MoneyGram Outbound
Transfer Service.
 
“Migration and
remittances offer a vital lifeline for millions of people and can play a major
role in an economy’s take-off. They enable people to partake in the global
labor market and create resources that can be leveraged for development and
growth,” said Kaushik Basu, the World Bank’s Chief Economist and Senior Vice
President for Development Economics.
 
Nigeria is known
major destination for remittances accounting for $21 billion of remittances in
2012, one of the highest globally. Remittances to developing is estimated will
grow by an annual average of 8.8 percent for the next three years and are
forecast to reach $515 billion in 2015, according to the World Bank.
 
Until the Monday
launch of the MoneyGram outbound money transfer business, Nigeria had only
played on one side of the market, receiving the billions sent from abroad.
 
The newly launched
MoneyGram outbound money transfer service allows Nigerians to send money abroad
too through any UBA branch in Nigeria or Africa while the funds are received in
dollar or the currency of the receiving country.
 
 With this service, Nigerians can now send
money to countries like UK and USA from Nigeria. The Nigerian will send money
in Naira, the person receiving in UK or USA; will receive it in pounds or
dollars.
 
 
 GMD/CEO
UBA Plc, Phillips Oduoza (2
nd right) initiating Nigeria’s first outbound
money transfer service through MoneyGram in Marina, Lagos.  With him
are (left to Right) Div. Head Retail Products, UBA, Olumide Osunyomi, Regional
Manager, Anglophone West Africa, MoneyGram, Kemi Okusanya and Deputy CEO, UBA
Africa Emeke Iweriebor at the launch ceremony the UBA/MoneyGram Outbound
Transfer Service.
 
The service will allow Nigerians send money in
Naira to over 200 countries around the world by simply walking into any UBA
branch in Nigeria or in the 18 other African countries where UBA has operations
outside Nigeria or through any other MoneyGram Agent Bank.
 
Speaking during the
launch event, UBA’s GMD said the new UBA and MoneyGram outbound money transfer
service will boost financial transactions between African countries as many
Nigerians who do travel across Africa, no longer have to move around with cash
as they can easily transfer money to their loved ones in other African
countries or in China, Europe and America to pay for goods and services bought.
 He described the new money transfer service
which has been tagged  ‘Naija Sends’ as
yet another testimony to the innovative, customer-centric disposition of both
UBA and MoneyGram.
 
 “This service opens a new vista of opportunity
for Nigerians. It offers a great platform to send money to loved ones abroad.
As Africa’s global bank, we are proud to partner with MoneyGram to make this
service available. It opens a whole new world of opportunities for our
customers” Oduoza said.
On her part, Regional
Manager, Anglohone West Africa, MoneyGram, Mrs. Kemi Okusanya, said the launch
of ‘Naija Sends’ has further deepened the brand’s reach and service in Nigeria.
 
 “Over the last two decades MoneyGram has
facilitated over 15 million transactions in Nigeria, enabling safe, convenient
and reliable transfer of funds from the Nigeria Diaspora to their loved ones.
As Africa’s largest economy, with over 10 million migrants, we are glad we are
now able to also offer Nigerians the opportunity to send money abroad to their
loved ones and for business transactions” Mrs. Okusanya said.
“MoneyGram with
over 300,000 locations in over 200 countries, partnering with UBA with over 700
business offices in 19 African countries and offices in New York, London and
Paris, offers the best choice for Nigerian’s sending money abroad to loved
ones” she stated.
MoneyGram started
operation in Nigeria 15 years ago with UBA as its first Agent Bank partner.
Today, the MoneyGram network includes 13 Agent Bank partners operating through
nearly 5000 locations.
 

 

 United Bank for Africa Plc is one of Africa’s
leading financial institutions offering banking services to more than 10
million customers across over 700 business offices in 19 African countries.
With presence in New York, London and Paris, UBA is connecting people and
businesses across Africa through retail, commercial and corporate banking,
innovative cross border payments, trade finance and investment banking.

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