MAB, Ghana Post sign money transfer agreement

Accra, May 17, GNA - The Metropolitan and Allied Bank Limited (MAB) said on Wednesday that it has mobilised over 600,000 pounds through remittances from overseas since the inception of its money transfer programme.

The amount, which is equivalent to over 3.8 billion cedis, was transferred through the Transcash International Limited, a Ghanaian owned UK-based company and forwarded through the Ghana Post (GP) to beneficiaries in all parts of the country in a pilot project by the bank since December 1999.

An agreement for the final agreement of the actual transfer was singed in Accra between the MAB and GP. Mr Robbie Owusu, Managing Director of the Transcash International, witnessed it.

Alhaji Razali Muhammed, General Manager and Mr John Kumi, Operations Manager of MAB initialled for the Bank while Mr Nicholas Dery, Deputy Managing Director and Mr Komla Onny, Legal Officer signed for GP.

Alhaji Muhammed said the agreement is the first of its kind in the country and forms part of the bank's objective to bring its services to the doorstep of clients. "With this collaboration, the Bank is not only able to meet customers' needs well, but can effectively help the country in mobilising the much needed foreign exchange direct at source, overseas, especially, Europe and North American States, USA and Canada.

"This effort will effectively complement our on-going efforts to enhance our foreign exchange earning capabilities, through our small and medium size export-financing programme."

Mr Nicholas Dery said as the postal service is becoming more competitive, "it is only creativity, ingenuity and strategic management that will keep Ghana Post in the global competition."

"It is on this score that management found it necessary to establish a financial services unit meant to oversee all financial transactions rendered by the GP as a way of expanding and enhancing our areas of operations." He said the role of GP in the partnership is to ensure that monies meant for the regions and districts are delivered on time in a secured and reliable manner through the over 400 post offices in the country.

"We will ensure that appropriate measures are put in place to create a conducive environment for further investment in the advancement of our mutual business." The Metropolitan and Allied Bank presented a cheque for 7.975 million cedis to the GP as its commission from December to April.

The first 10 customers to receive remittances through the MAB were also presented with MAB's All-In-One accounts worth 200,000 cedis each.