First Bank of Nigeria has selected MoneyGram International to provide money transfer services in its more than 500 locations across the nation.
First Bank has locations in all key cities including Abuja, Benin, Lagos, Iabdan, Port Harcourt, and Warri as well has presence in rural Nigeria.
With the First Bank agreement, MoneyGram now has a total of eight bank relationships.
MoneyGram said that Nigerian immigrants in the US can send up to $50 for the cost of $5 from the US to Nigeria. The special pricing will be available in the over 33,400 US locations and is effective from June 1, 2010 to July 31, 2010.
Vicky Johnston, senior regional director for Anglo Africa and Middle East at MoneyGram, said: “MoneyGram, which has operated in Nigeria since 1998, saw significant growth between 2006 and 2008 when it tripled its network in the country. We are excited about partnering with First Bank as it is MoneyGram’s most recent and significant expansion which will allow us to provide a service to so many more people through the bank’s large number of branches.”