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MoneyGram announced on Tuesday it has become the first money transfer company to offer customers in some key European countries a way to send money to most personal Nigerian naira bank accounts within minutes.

Customers in France, Germany, Ireland, Italy and Spain can send money via MoneyGram agents in these countries to most personal bank accounts held at Nigerian banks including First Bank, UBA, Ecobank, Fidelity, and Zenith Bank.

Receivers do not have to undertake any action as the funds are automatically deposited into their account and can be accessed via ATMs or online, without the constraint of a physical over-the-counter visit.

“This is a significant milestone for us. With the addition of Nigeria, MoneyGram now offers bank account deposits through our network into five of the world's largest remittance receive markets — Nigeria, China, India, Mexico and the Philippines,” says Herve Chomel, MoneyGram’s regional vice president for Africa. “Account deposit is a fast and secure way to send and receive funds between loved ones and we are proud to offer the service for our customers in Europe and Nigeria.”

Speaking earlier in December to the Editor of African Voice, a black British, Marc Matthews, who is MoneyGram's Senior Regional Director, UK & Ireland, said due to advancement in technology, it is now possible for its customers in the United Kingdom to send money through MoneyGram to recipients in any location in Africa within minutes.

However, MoneyGram says the availability of funds is subject to banking hours in the recipient countries and compliance with regulatory requirements.

According to the World Bank, Nigeria is the top recipient of foreign remittances in Africa. Remittances from Nigerians living abroad reached $21 billion in 2014, followed by Egypt at $18 billion.