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MoneyGram signs agreement with five banks, denies
blacklisting Nigeria
By
Mojeed Jamiu
Finance
Editor, Lagos
The
management of MoneyGram funds transfer has signed on five more Nigerian banks
into its network, even as it denies reports that it has blacklisted Nigeria
from its money transfer network.
The
institution’s Regional Director, Africa, Vicky Johnston, told newsmen in
Lagos that “the story on the blacklisting of Nigeria is a mere hoax as we
are now increasing our presence in Nigeria with more banks joining the
Moneygram family.”
Hallmark
Bank, Equitorial Trust Bank, Global Bank and Fountain trust Bank
representatives met with the Moneygram team as well as representatives of UBA
to chat a new way forward for funds’ transfer business in the country.
The
News Agency of Nigeria (NAN) had last Tuesday reported that Moneygram had
blacklisted Nigeria alongside four other countries said to have contravened the
international convention on money laundering including Cook Island, Indonesia,
Myanmar, Philippines and Nauru.
The
report was quoted as saying that ``these countries are regarded by the
Financial Action Task Force (FATF) as `non co-operative' in terms of
international standard relating to money laundering.''
Spokesperson
for UBA, Mrs. Funmi Olayinka, in a swift reaction to the report, dismissed the
claims on the blacklist of Nigeria and by extension the bank from the MoneyGram
funds transfer.
According
to her, “I do not know where the story is coming from and I can tell you
that a three-man team from MoneyGram visited the bank last week to discuss the
possibilities of admitting more banks into the MoneyGram fold in
Nigeria.”
She
noted that it could be just a mere smear campaign on the bank, adding, “
we are rather putting finishing touches to moves that will see us re-launching
the funds transfer scheme in the country.”
The
Business Development Manger, West Africa, Moneygram, Mr. Habib Ndao, disclosed
at the press conference that “Nigeria has never had any money laundering
case with us and I can tell you that we have a very perfect relationship which
we are still building on.”
According
to him, about $800 million funds are transferred through Moneygram every year
while the institution and Western Union Money transfer jointly share 25 per
cent of the electronic money transfer market. UBA became direct agents to
Moneygram in1997 for an initial seven-year term, which expired last September.
This relation was further renewed for another five years last month.
However,
the bank relinquished its direct agency for Moneygram in order to accommodate
the five other banks into the fold, but with several incentives from the funds
transfer firm as compensation for the gesture.
Ndao
stated that efforts are on by the Central Bank of Nigeria to encourage
Moneygram and other notable funds transfer firms to swing the 75 per cent
control by the niche and informal sector players.
“We are satisfied with the operations of UBA in
Nigeria and we are willing to do more business with them so that we can grow
the vast Nigerian market together,” Ndao said.
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