Firstbank Partners Moneygram To Launch Outbound Service In Nigeria

Posted by African Examiner Business News, Latest Headlines Thursday, October 16th, 2014

Customers in Nigeria can now send funds to more than 200 countries and territories at FirstBank branches

Lagos, Nigeria – October 16, 2014 – First Bank of Nigeria Limited (FirstBank), Nigeria’s largest banking institution, and MoneyGram International, a leader in money transfer and global payment services, Thursday announced the launch of outbound remittance service in Nigeria.

Since money transfers began in Nigeria in 1998, consumers in the country have only been able to receive funds via MoneyGram’s money transfer services.

The launch represents a significant milestone because it enables customers to send funds to family and friends around the globe in Naira which can then be picked up in the currency of the receiving country where available.

FirstBank is one of the first MoneyGram agents to offer this service in Nigeria. Customers will be able to use MoneyGram’s new outbound service offering through the bank’s many branches.

Speaking at a media briefing recently, Bisi Onasanya, Group Managing Director/Chief Executive Officer, First Bank of Nigeria Limited said, “FirstBank remains committed to delivering the gold standard of customer experience and excellence in financial solutions and we are proud to offer yet another excellent customer focused solution – the MoneyGram outbound service – to the Nigerian market. As a brand, we remain committed to putting our customers first.”

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 345,000 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.

About FirstBank:

First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa). Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.

FirstBank operates an extensive distribution network with over 750 business locations, about 2,446 ATM’s and over 10 million customer accounts. The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, Banque International de Credit (B.I.C) in the Republic of Congo, International Commercial Bank (ICB) in Ghana, The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

FirstBank is the recipient of many awards. The Bank has been named “The Best Bank Brand in Nigeria” three times in a row – 2011, 2012, 2013 – by the globally renowned “The Banker Magazine” of the Financial Times Group. FirstBank’s brand purpose is to always put its stakeholders, customers and partners at the heart of its business, even as it is poised to standardize customer experience and excellence in financial solutions across Sub Saharan Africa, in consonance with its brand vision “To be the partner of first choice in building your future.” The brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on the FirstBank’s inherent values of passion, partnership and people, to position its customers first in every respect.

For three consecutive years, 2012, 2013 and 2014, FirstBank was named the “Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards. Other recent awards include the “Best Bank in Nigeria” in the Euromoney Awards for Excellence, “Best Bank in West Africa” and “Most Innovative Bank in Africa” in the African Banker Awards, “Best Bank in Nigeria” in the EMEA Finance African Banking Awards for the fourth time, “Best Foreign Exchange Services in Africa” in the EMEA Finance Treasury Services Awards, “Best Banking Group in Nigeria” by World Finance Banking Awards, and “Best Financial Reporting Company” by Africa Investor.