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Home Companies Company News

Why First Bank reduced MoneyGram fees

Fikayo Owoeye by Fikayo Owoeye
January 23, 2018
in Company News, Corporate Updates
First Bank increases stake in DRC unit
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FirstBank has announced a reduction in charges for sending money abroad through MoneyGram service.

According to Mr. Abiodun Famuyiwa, Group Head, Products & Marketing Support, FirstBank, this move further demonstrates FirstBank commitment to ensuring ease, convenience and affordability for its customers and therefore sees this reduced fee as helpful in bringing loved ones closer as they do not need to worry about high cost of sending money to family and friends living abroad

“Outbound money transfer through FirstBank is the way to go in sending money to loved ones abroad as the money sent can be picked up within minutes either as cash in the currencies of the destination countries or as a direct transfer to beneficiary’s bank account over there.” He said.

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What it means

  • The MoneyGram ‘Naija Send’ charges are now as low as N1,500
  • There are no hidden charges as the beneficiaries get the exact transfer equivalent in the destination country. For instance, when N355,000 is sent abroad, the beneficiary gets exactly $1,000.
  • The money is received in the currency of the destination country. In addition, there is no risk of buying fake currencies.

MoneyGram International, is a leader in money transfer and global payment services.

FirstBank is the leading agent bank for MoneyGram in Nigeria and has been recognised for its increased transaction volume among other agent locations. MoneyGram services are available at over 750 FirstBank branches nationwide.

FirstBank was established in 1894 as Bank of British West Africa and later renamed First  Bank of Nigeria.

The Bank operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg established to capture trade related business between geographies.

With an active customer base of over 10 million, and employs over 7,000 staff. FirstBank operates along four key Strategic Business Units (SBUs)

  • Retail Banking
  • Corporate Banking
  • Commercial Banking
  • Public Sector Banking.

It was previously structured as an operating holding company before the implementation of a Non-Operating Holding Company structure (FBN Holdings) in 2011/2012.


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Tags: Abiodun FamuyiwaFirst Bank PlcMoneyGram Charges
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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First Bank Adesola Adeduntan, Global transactions get easier with Firstbank’s Card Offerings, FBNQuest Trustees Marks 40th Anniversary of preserving legacies in Nigeria, Ellah Lakes Plc announces close period for H1 2019 results The Board of Directors of Ellah Lakes Plc has announced that the company would be meeting on the 22nd October 2019 to consider, among other matters, the audited financial statements of the Company for the financial year ended 31 July, 2019. The Company also announced the commencement of a closed period with effect from 7 October 2019, until 24 hours after the Company’s Audited Financial Statements is filed with The Exchange. Top executives, directors, advisers, and many others at Ellah Lakes Plc have been barred from trading in the company’s shares ahead of the meeting of board of directors of Ellah Lakes. This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE). https://www.nse.com.ng/Financial_NewsDocs/27720_ELLAH_LAKES_PLC._CORPORATE_ACTIONS_OCTOBER_2019.pdf The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that, “The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.” Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors. What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information. About the company: Ellah Lakes Plc is a fish farming company., FBN processed 237 million transactions in two weeks, amid COVID-19 lockdown, First Bank Holdings declares a Profit after Tax of N26 billion in Q1 2020
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