This Day (Lagos)

25 July 2013

Nigeria: First Bank, Firm Introduce Money Transfer Service

First Bank Nigeria Limited has said it collaborated with the Trans-Fast Remittance LLC, a global money transfer company in the provision of a money transfer service to facilitate the transfer of money from abroad directly to the bank.

This new partnership and innovative, according to the parties, would extend to other banks with First Bank as a channel of transfer.

The agreement between both institutions, which was signed in Lagos on Tuesday would enable customers transfer money directly via the internet while also allowing beneficiaries of international money transfer get money directly into their accounts in any currency through any First Bank branches nationwide.

Speaking on the new product, the Group Managing Director/Chief Executive Officer, First Bank, Mr. Bisi Onasanya, said: "Trans-fast will contribute in fostering the Central Bank of Nigeria (CBN) cash-lite and financial inclusion policies, as the self-service money transfer service enables senders transfer money directly via the internet, eliminating the use of agents and allows beneficiaries of international money transfer get money directly into their accounts with any bank and in any currency, through First bank."

He further said: "This initiative presented by Trans-fast and First Bank is the first of its kind in Nigeria, and another first from First Bank and we have also signed a five year agreement, which is poised to improve the dynamics of money transfer in Nigeria."

On his part, the Chief Executive Officer, Trans-Fast Remittance, Samish Kumar, stated the partnership would enhance the quality of services provided to Nigerians that transfer money around the world.

"Trans-fast has always offered excellence in the products and services we provide our clientele; this new partnership elevates quality and convenience of service for our customers, to provide value that is resoundingly unquestionable," he added.

The Head, Marketing and Corporate Communications, First Bank, Mrs. Folake Ani-Mumuney, explained the service would be valuable for people in the rural areas as they would not have to go banks to receive Western Unions or other forms of transfer as money could be transferred directly to their accounts.

She added: "At First Bank, we are relentlessly deepening our retail dominance with the launch of innovative services, tailored to suit the dynamics of the time and changing lifestyles of our customers."

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