MoneyGram International, Inc. (NASDAQ:MGI) and Consolidated Bank Ghana Limited (CBG), today announced a new partnership which enables Ghanaian customers to receive remittances from more than 300,000 MoneyGram locations around the world.
MoneyGram has an extensive presence in Ghana, providing a key remittance bridge for Ghanaian diaspora communities in Africa, Canada, U.S., U.K., and Western Europe. CBG is currently one of Ghana’s largest banks with a 114-branch network.
“MoneyGram is proud to be able to fulfil this partnership today with CBG. CBG is noted for superior customer service and operational excellence and we are confident this will see CBG attract a significant portion of the $2 billion remittance inflows into Ghana,” said Patrick Appiah, MoneyGram Regional Director for Anglophone West Africa. “MoneyGram will continue to provide affordable convenience to Ghanaians abroad, so they do not have to rely on unreliable informal channels to transmit funds to Ghana.”
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Also, Mr. Daniel Wilson Addo, Chief Executive Officer (CEO) of CBG, in his remarks noted, “the decision to offer MoneyGram services is a key initiative to increase access to remittance services for CBG customers. MoneyGram is amongst the most reputable remittance services globally, and our ability to attract and sign on this brand is another testament of our growth and our determination to offer quality and convenience to our customers and the general public. Furthermore, with CBG’s wide geographical reach across Ghana, we wish to assure MoneyGram that we are the right partner in this market.’
According to World Bank migration and remittance data, updated as of October 2019, $3.2 billion flowed into Ghana, mainly from the U.S., Nigeria the U.K., Italy, and Germany.
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