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Home / Business / NIPOST signs MOU, gets connected with 100,000 post office Banks.

NIPOST signs MOU, gets connected with 100,000 post office Banks.

The Nigeria Postal Service has signed a Memorandum of Understanding to cooperate in connecting the postal agency to Post Banks in 50 countries around the globe through the International payment network of Eurogiro.

NIPOST CEO, Bisi Adegbuyi made the disclosure while signing the MOU in Amsterdam.

The Postmaster-General of Nigeria expressed its satisfaction in entering into the partnership.

 “It is one agreement that covers a nearly universal solution for NiPost’s international payments; NIPOST gets connected with 100,000s of post offices worldwide.

With an inbound flow of more than US$ 25 billion migrant remittances, Nigeria is the fifth largest remittance receiving country worldwide, and the largest one on the African continent. A large part of the flows stems from Europe, and from Russia, China, the GCC, North America.”

He said Remittance money is mainly delivered via bank branches which are present in Nigeria’s cities.

“  To leverage the potential of Nigeria’s wide and rural network of post offices, NiPost entered today in a partnership with Eurogiro.”

 Eurogiro’s CCO, Mr Dame Damevski, said the cooperation will evolve into a partnership that supports NiPost’s in becoming a licensed institution by the Central Bank of Nigeria to deliver migrants’ money sent via international money transfer operators and payment systems.

 “ Eurogiro will work with Nipost to implement and roll out its new supermarket solution. The Eurogiro Financial Supermarket is the next-generation open payment platform that empowers postal organizations to actively engage in financial services and e-commerce, both locally and globally at a new unprecedented level.” 

 “Since the acquisition of Eurogiro by Danish Fintech Inpay, this is the first and big new member of Eurogiro; we are committed to building success in the partnership with NiPost and to continue in connecting more African Posts.”

He noted that the cooperation is expected to include training of staff, setting up payments technology and capacity building in managing the operation.

“We will ensure compliance with the regulatory framework. The initiative fits in the financial inclusion strategy of Nigeria and contributes to reducing time and cost for rural recipients of migrant remittances”.

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