Business News of Thu, 16 Feb 20170

Capital Bank partners MoneyGram to expand operations

Capital Bank has partnered with MoneyGram International transfer services to expand its money transfer operations in Africa.

By this, the bank’s relationship with MoneyGram moves from a sub-agent to a super agent with a direct partnership.

The bank says the partnership is a strategic move to enhance its growth across the continent.

“For years, we have been sub-agents of MoneyGram. Then we thought that with our strategic intent of been a legal retail bank, making our services available to more Ghanaians to mobilize funds from the Diaspora, it would be worth it to strike a closer collaboration with MoneyGram as a super agent.” Managing Director of Capital Bank, Rev. FitzGerald Odonkor said.

He explained that the partnership will also help the bank take advantage of the wide network operations of MoneyGram.


“This move offers an opportunity for Capital Bank to deepen its relationship with MoneyGram through direct integration of systems to enhance transactions. It also offers an opportunity for both parties to collaborate on various promotions aimed at rewarding MoneyGram clients.”

Rev. Odonkor was hopeful the partnership will connect families, build relationships and help individuals stay connected.

On his part, the Chief Financial Officer of MoneyGram International, John Gely said the collaboration with Capital Bank will breed greater business growth.

“I have a lot of growth expectations. Despite some economic issues we have, I still see new opportunities and we are also working on new products and new innovative ideas which will attract customers. So this collaboration will birth greater business opportunities. I am positive about that,” he said.

The Director, Anglophone West Africa, MoneyGram International, Kemi Okusanya said the Ghanaian market trend has shown huge prospects.


“We think that there are a lot of opportunities in this market. So we would definitely continue to engage the regulators and see how we can align and promote business in this country.” she said

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