Union Bank, Nigeria’s leading innovative financial institution has partnered with Ria Money Transfer (“Ria”), one of the largest money transfer companies in the world, to offer money transfer pay-out services across Nigeria.
Union Bank customers can receive remittances in local currency at Union Bank payout locations which includes its branches nationwide according to the new agreement.
Customers can have funds transferred directly to their bank accounts, while non-bank customers can collect remittances in cash through any payout location. In addition to providing a secure and economical service, Ria’s technology allows customers to receive remittances within minutes.
Speaking at a media briefing, Union Bank’s Head of Alternate Channels, Folorunsho Orimoloye, said of the partnership, “Union Bank is proud to partner with Ria as we are constantly seeking opportunities to make banking simpler and smarter for our customers.”
“With a network of approximately 314,000 locations spanning 144 countries, Ria is one of the largest money transfer services in the world. With this partnership, we will ensure that our customers have access to this worldwide network, thereby extending the options of quality remittance services Union Bank offers to all our customers,” concluded Orimoloye.
Ria’s CEO and President, Juan Bianchi, said, “Ria is pleased to partner with Union Bank and expand our reach in Nigeria, the number one remittance receiving country in Africa and top five receiving country globally.
Our secure and economical bank-deposit and cash pay-out service with Union Bank now provides more choice to customers living in the diaspora that are seeking a reliable option to send remittances home to their loved ones.”
The World Bank reports that Nigeria received $20.5 billion in remittances in 2015 making it the fifth largest receive country for migrant remittances. Top countries sending to Nigeria include the United Kingdom and United States where many Nigerians reside.
Ria has a strong sending network in both countries, with customers in the United States also able to send money to Nigeria through Ria website.
Vanguard contributed to this article