ADB, MoneyGram partner for cash-to-account transfers

As part of efforts to provide customers with convenient and accessible technology-based financial services, MoneyGram has partnered with the Agricultural Development Bank (ADB) and the Ghana Interbank Payment and Settlement Systems (GhIPPS) to offer customers account deposit services for easier remittances.

As part of efforts to provide customers with convenient and accessible technology-based financial services, MoneyGram has partnered with the Agricultural Development Bank (ADB) and the Ghana Interbank Payment and Settlement Systems (GhIPPS) to offer customers account deposit services for easier remittances.

What this means is that funds from over 200 countries can be sent via MoneyGram online or at any MoneyGram agent to hit the bank accounts of ADB customers within minutes.

According to a World Bank report, Ghana is Africa’s fifth largest remittance recipient market.

Speaking in an interview with Class Business, Managing Director of ADB, John Mensah said the initiative will help grow the financial space.

“The way government has been trumpeting the idea of digital revolution, especially as trumpeted by our vice-president, a lot of issues have risen when it comes to remittances in terms of fraud, in terms of money laundering and the mess that you’ll see when you go to our outlets, you see a lot of people coming in to cash money.

“So, it was only a matter of time. This collaboration is a long-thought out idea to move with the times. Now we have a situation where you don’t need to come and cash money because it’s in your account. From your account, you can also transfer it to any wallet.

“When you come to ADB and see the service, it can be linked, once the money enters your account, it can be linked to any account product [for your convenience]”, he said.

Regional Head, Anglophone West Africa, for MoneyGram, Patrick Appiah stated that the new system will protect funds of customers.

“In terms of protection, there are lots of regulations that ensure that monies are safe and MoneyGram itself has a robust system which we have been using for decades now, so, when it comes to security, it’s not new to us, it is something we do on a daily basis and this one will not be an exception. Customers’ funds are even more secure with this product that we have launched”, Mr Appiah noted.

The cash-to-account direct product is expected to be replicated by other banks in the country.