…as MoneyGram partners ADB and GhIPSS in the remittance market
The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), Archie Hesse has revealed that international remittances company, MoneyGram, would only be dealing with ADB in the country from next week onwards.
This will enable the local recipient give their account details to the sender for the money to be paid directly into the recipients’ account for the first time in Ghana.
Speaking at the launch of the MoneyGram account deposit service in Accra, Hesse explained that, “because ADB is going to be their [MoneyGram’s] sponsoring bank, the rest are all going to be beneficiaries. It is just a question of time that MoneyGram will stop sending funds by cash.”
“So there will not be the need for MoneyGram to have all those outlets.”
All these outlets are now going to become seamless electronic channels into bank accounts, onto e-Zwich wallets and into mobile money wallets, He added.
According to the World Bank, in 2017, US$ 2.2 billion of remittances flowed into the country, up by 4.3 percent compared to 2016, making Ghana the fifth largest recipient of remittances in Africa.
These inflows came mainly from the United States with US$585 million; Nigeria US$ 395 million, the United Kingdom US$ 286 million, Italy US$ 145 million and Germany US$ 115 million.
Hesse said, it is important to note that things are changing in the country, when it comes to payment systems.
“We are excited that a leading global brand like MoneyGram has successfully integrated into our interbank instant pay platform to offer remittances to Ghanaians directly into any bank account in Ghana, and these are the value additions we seek to achieve.”
At the launch, the managing director of ADB, John Kofi Mensah said, the partnership will add to options for relative abroads when sending money home, with the launch of the MoneyGram cash to account direct designed to enable customers receive cash directly into their bank accounts.
The maximum amount that can be received using this service in cedis equivalent of US$ 8,000 per person every month.
By Joshua W. Amlanu