Guaranty Trust Bank (GTB) and MoneyGram have announced the launch of a new fund receive service across the bank's network, according to media reports.

The service will serve through MoneyGram's cash top account service. Customers in Nigeria can receive money from friends and family in 200 countries and territories directly into their bank accounts via the new service.

The funds can be accessed same way customers will access their accounts if they were making deposits into their accounts in person, online or vi an ATM machine.

The announcement was made by MoneyGram CEO, Alex Holmes, and GTBank executive director, Wale Oyedeji, at a signing ceremony in Lagos.

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“Remittances are crucial to Nigeria’s economy. Nigerians living abroad sent more than $21 billion back into the country in 2015. MoneyGram’s account deposit service makes it easy and convenient for both the sender and the receiver to transfer and receive funds. We are pleased to work with GT Bank and we are proud to be connected to almost 1.5 billion bank accounts in five of the world’s largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines," said Homes.

Oyedeji, in his remarks, said, “This collaboration with MoneyGram is a reflection of the bank’s commitment to building strategic partnerships that birth innovative financial solutions and provide our customers with a superior banking experience. With the account deposit service, our customers can receive money transfers via MoneyGram in minutes.”

Remittance is currently the second largest source of foreign exchange in Nigeria after the oil industry, according to MobileMoneyAfrica.