Vanguard (Lagos)

10 June 2010

Nigeria: Moneygram, First Bank to Transform Financial Sector

MoneyGram International in partnership with First Bank of Nigeria Plc has expressed their preparedness to transform Nigeria's financial services industry by providing funds transfer services to a vast majority of the Nigerian populace, especially people at the grassroots.

Both companies, a couple of weeks ago, entered into a strategic partnership to provide money transfer services in the First Bank's over 500 locations across the country.

Speaking at the formal signing ceremony of the partnership between both companies, Managing Director, First Bank of Nigeria, Mr. Bisi Onasanya, said that the partnership is in furtherance of the bank's mission to provide the best financial services for its consumers across the nooks and crannies of the country.

He stated that partnership will impact on the top and bottom lines of both companies positively and also on the lives of a vast majority of Nigerians.

He said, "First Bank is a pioneer in the money transfer sector. We have a long-standing relationship with another leading international money transfer company, for which our bank was the sole agent in Nigeria for almost a decade.

"It is in furtherance of our mission to provide the best financial services possible that we have consummated this partnership with MoneyGram International, a leader in the financial services field for global money transfer and payment services.

Speaking in the same vein, Mrs. Pamela Patsley, Chairman/Chief Executive Officer, MoneyGram International, said that the company's business in Nigeria is strategic to its growth plans and is confident that its partnership with First Bank will further help it achieve its objectives.

She said, "Our agreement with First Bank significantly increased our presence in this key remittance country. Through the partnership, we are excited to offer our valuable money transfer services through a safe, reliable and trustworthy institution such as First bank that offers convenient locations and easy access for our customers.

"I'm also especially proud to announce that MoneyGram has reached the significant milestone of 200,000 agent locations across the world. We are celebrating this amazing accomplishment with key agents like First bank, in events all over the globe.

"To celebrate the opening of our 200,000th agent location, MoneyGram is making contributions worth $200,000 to non-profit organisations around the world. here in Nigeria, we are donating $20,000 to the Grameen Foundation for its Lift Above Poverty Organisation, which provides microfinance loans in Nigeria."

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