GHANA:Prudential bank, XPRESS Pay launch money transfer service

As part of measures targeted at helping Ghanaians in the Mediterranean region and Saudi Arabia, Prudential Bank has partnered XPRESS Money Transfer Service to help Ghanaians remit money to relatives and friends back home. 

Speaking to Citi Business News after the official launch, the Deputy Managing Director of Prudential Bank, Mrs. Mary Brown stated that the service is dedicated to Ghanaians living and working in the Mediterranean region and Saudi Arabia. 

“One of the great traits of Ghanaians is whenever they out to work abroad they remit funds home. You know that now, there are many Ghanaians working in the Mediterranean region, Saudi Arabia, United Arab Emirates , Qatar and Dubai. 
This is an opportunity for them to send money back home to their relatives and friends,” she said. 

She stated that the service will help the increasing number of people traveling to the region for jobs to remit enough funds back home for projects they want to embark on. 

Mrs. Brown also added that the service will help the bank to improve its foreign cash-flow and Ghana’s foreign exchange reserve. 

She stated that the move will further help the international department of the bank’s operations to increase its foreign funds. 

According to her, the service which was rolled out in January 2016 has already seen some substantial transactions from the Mediterranean region.

“For now we have over 700 transactions reaching over one million Ghana cedis. We know that with this formal launch the figures will double or even triple,” she said. She disclosed that Ghanaians are among the highest remitters on the African continent. 

In 2015, the World Bank announced that 2 billion dollars was transferred into Ghana despite the fall in oil prices, and the slow economic recovery witnessed across the world.