Union Bank, Ria Money Transfer Partner on Remittance Pay-out Services


By Mary Ekah
One of Nigeria’s leading innovative financial institutions, Union Bank, has
partnered with Ria Money Transfer (“Ria”), one of the largest money
transfer companies in the world, to offer money transfer pay-out services
across Nigeria.
The new agreement allows Union Bank customers to receive remittances in
local currency at Union Bank payout locations which include its branches
Customers can have funds transferred directly to their bank
accounts, while non-bank customers can collect remittances in cash through
any payout location. In addition to providing a secure and economical
service, Ria’s technology allows customers to receive remittances within
Speaking at a media briefing, Union Bank’s Head of Alternate Channels,
Folorunsho Orimoloye, said of the partnership, “Union Bank is proud to
partner with Ria as we are constantly seeking opportunities to make banking
simpler and smarter for our customers.
“With a network of approximately 314,000 locations spanning 144 countries,
Ria is one of the largest money transfer services in the world. With this
partnership, we will ensure that our customers have access to this
worldwide network, thereby extending the options of quality remittance
services Union Bank offers to all our customers.”
Ria’s CEO and President, Juan Bianchi, said, “Ria is pleased to partner
with Union Bank and expand our reach in Nigeria, the number one
remittance-receiving country in Africa and among the top five
receiving countries globally. Our
secure and economical bank-deposit and cash pay-out service with Union Bank
now provides more choice to customers living in the diaspora that are
seeking a reliable option to send remittances home to their loved ones.”
The World Bank reports that Nigeria received $20.5 billion in remittances
in 2015 making it the fifth largest receive country for migrant
remittances. Top countries sending to Nigeria include the United Kingdom
and United States where many Nigerians reside. Ria has a strong sending
network in both countries, with customers in the United States also able to
send money to Nigeria through www.riamoneytransfer.com.