NNPC report

‘Forex remittance vital to economic recovery’

Foreign exchange remittance into the country by Nigerians in Diaspora is vital to the Federal Government’s drive towards economic recovery and growth, the Executive Director, Personal Banking, Access Bank Plc, Mr. Victor Etuokwu, has said.

Speaking at a promo draw organised by the lender for customers who received funds through Western Union Money Transfer and MoneyGram, Etuokwu described forex remittance service as a vital part of the national economy.

The executive director said between July and December 2015, about 424 customers of the bank qualified for the draw through MoneyGram, while 95 customers did through Western Union.

He said, “We do a lot of things with MoneyGram because remittance service is a key aspect of our national economy even at this time of scarcity of foreign currency and low oil prices.

“The remittance service is still vibrant and viable because people still take care of family members, friends and invest at home even as they live abroad. And therefore, it’s an interrelation activity that banks want to be involved in.”

Explaining the rationale behind the incentives, which was monitored by the officials of regulatory agencies, the Access Bank ED said, “What we want to do is to attract more Access Bank’s customers to receive their funds through us.

“We think that the incentives have helped to increase the volume of activities that we get on MoneyGram platform, and we are glad for that. The prizes include two cars and gift item.

-punchng

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