Why First Bank reduced MoneyGram fees

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.