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23-06-2012

RIA expands payout network in Nigeria

World's third-largest global money transfer company RIA announced on Friday June 22 it had signed a correspondent agent agreement with First Bank of Nigeria Plc to expand its payout network in the country

The partnership will allow customers to remit money to their loved ones in Nigeria either through direct payment into the recipient's account or for cash pick-up at one of First Bank's branches.

The agreement will expand Ria's payout network in Nigeria by more than 600 locations, the company said.

"We are pleased to announce the addition of First Bank to our growing global correspondent network. First Bank has been serving consumers in Nigeria since 1894, and understands their customers. Now, together we will offer excellent service to Nigeria. We look forward to a mutually beneficial, exciting, long-term relationship with First Bank," President & Chief Executive Officer of Ria, Juan Bianchi, said in a press release.

Ria's network spans approximately 155,000 locations across 136 countries. Ria's product portfolio includes money transfer, bill payment, money order, check cashing and foreign currency exchange services.

Nigeria remains one of the top ten receive countries, accepting over $10 billion in remittances annually, according to the World Bank.

 

By Our West Africa Correspondent


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