The agreement will enable sending money abroad through any of the bank’s branch network, in local currency, directly to the beneficiary’s bank account, 24/7, or for cash pick-up at more than 3,500 payout locations in Nigeria. As a part of the deal, the cross-border payments and remittance solutions provider offers remittance products, which include the Rapid Transfer, Western Union, MoneyGram and Ria Money Transfer.
According to a report by the World Bank, remittances to Nigeria were estimated at USD 35 billion in 2016, an increase from USD 21 billion recorded in 2015.
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