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NIPOST Inks Deal with European Postal Payment Co-operative to Drive Migrant Remittances

Post Master General of NIPOST, Mr. Bisi Adegbuyi and Eurogiro’s CCO, Mr Dame Damevski, signed a Memorandum of Understanding (MoU) to cooperate in connecting NIPOST to posts and postbanks in 50 countries around the globe through the international payments network of Eurogiro

To leverage the potential of Nigeria’s wide and rural network of post offices, the Nigerian Postal Services (NIPOST) Wednesday entered a partnership with Eurogiro.

The deal was consummated in Amsterdam, at the UPU’s World CEO Forum.

Post Master General of NIPOST, Mr. Bisi Adegbuyi and Eurogiro’s CCO, Mr Dame Damevski, signed a Memorandum of Understanding (MoU) to cooperate in connecting NIPOST to posts and postbanks in 50 countries around the globe through the international payments network of Eurogiro.

With an inbound flow of more than $ 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, Russia, China, and North America.

Remittance money is mainly delivered via bank branches which are present in Nigerian cities.

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.

To this end, 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.

The Postmaster-General of Nigeria expressed 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”.

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Mr. Damevski  is proud to see NIPOST joining Eurogiro. “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.”

Eurogiro was founded in 1993 by twelve European postal organizations, as a postal payment co-operative. Over the past 26 years, the company has evolved from a European payment infrastructure into a payments platform empowering postal organizations and postal banks globally.

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