Absa Bank Ghana has announced a partnership with MoneyGram, a major reliable and trusted brand in the remittance industry, to provide remittance services to Ghanaians.
Through the partnership, both customers and non-customers of Absa Bank can receive their inbound remittances from any of the bank's branch networks.
Absa Bank's partnership with MoneyGram is seen as a strategic one as the bank looks to become a key player in the remittance sector which has witnessed a rise in money transferred from abroad on yearly basis. Ghana is the second largest recipient of remittances in Sub-Saharan Africa. Remittances to Ghana was $3.6 billion in 2020, according to the World Bank's 2021 Migration and Development Report.
Many Ghanaian families depend on remittances from relations living abroad to take care of their needs; from their upkeep, payment of health bills, school fees, construction or purchase of buildings, funeral bills, investments and others.
"Remittance plays a significant role in the financial ecosystem, contributing immensely to the livelihood of many households and boosting economic activities within the country. With the addition of MoneyGram to our services, we are giving our customers and Ghanaians a convenient and reliable channel to receive money from their loved ones and also strengthening an important conduit for economic engagements,” said Mr. Charles Addo, Retail Banking Director at Absa Bank.
“This is another demonstration of our commitment to provide our customers with financial solutions that will help them get things done and ultimately bring their possibilities to life.”
According to Absa Bank, it will in the near future, enhance its remittance service to include more partners as well as real time remittance services to customer account and mobile wallet to "make our service the most preferred remittance collection point and be a one-stop financial shop for all our customers".
Absa Bank Ghana Limited is one of Ghana's leading financial institutions offering an integrated set of products and services across Corporate and Investment Banking, Retail Banking, and Business Banking with solutions for SMEs and start-ups. Absa Bank Ghana is part of Absa Group Limited, one of Africa's largest diversified financial services groups.