Merchant Bank joins money transfer competition

London (UK) -Merchant Bank Ghana Limited, Sunday launched its money transfer operations in London, with a promise to provide fast, cheaper and secure services.

The transfer operations to be done through facilities of Vigo International Money Transmitter of the US, aims at giving Ghanaians a better alternative for sending money to relations and loved ones back home, Mr Johnson Cobblah, Manager, Recoveries Department, said.

Mr Cobblah said although Vigo, established in 1985, with branches in 37 countries worldwide was new in the UK, Ghanaians should to hesitate in using their services because they have an excellent track record.

He said people should stop using the services of agents who are not qualified and not properly certified.

"You may be able to transfer your money successfully, today or tomorrow, through such agencies, but it is risky because they may be doing something illegal and in time of trouble, they will not be able to guarantee the safety of your money."

Mr Cobblah said once an agent is certified to transfer money by Vigo, they can operate to any country where Vigo operates and are not restricted to dealing in just one country.

Mr Peter Akinbowale, representative of Vigo in the UK, urged Ghanaians to have faith and trust in the operations of the company because it has record of reliability.

He said the company would soon embark on a programme to recruit agents from among Ghanaians and gave the assurance that the successful ones will be trained before they commence business.

Mr Chris Kpodo, Ghana's Deputy High Commissioner in the UK, who chaired the function, asked Merchant bank and Vigo to explore ways of reducing the taxes of their operations to enable more Ghanaians to patronise them.

For every ? 100 sent Vigo charges ? 8; ? 25 for every ?500 and ?40 for every ?1000. The money is payable only in Cedis at any Merchant Bank office in Ghana.