Money transfer services are prone to disruption by new technologies. Many people feel Bitcoin, and other cryptocurrencies are a legitimate threat to remittance services. But in Nigeria, MoneyGram will continue its operations, as they are officially recognised as a trusted money transfer provider. This news comes on the heels of various remittance platform shaving their licenses revoked two weeks ago.
It will not be easy to venture into the money transfer space in African countries, unfortunately. Nigeria is tightening its grip on the market by forcing companies to be officially recognised as money transmitters. The Central Bank of Nigeria recently changed its policy on how these companies can continue to provide services to Nigerians.
MoneyGram Remains In Business In Nigeria
MoneyGram lets users send and receive funds from Nigeria to the rest of the world and vice versa. Funds can be retrieved from a local agent, or have it deposited into their personal bank account. Given the status of the Nigerian economy right now, many companies were operating in the bylines of legality, forcing drastic measures by the government.
MoneyGram Anglophone Africa Head Kemi Okusanya stated: