Capital Bank Ghana has entered into a strategic partnership with the world’s number three money transfer operator, Ria, to boost remittances to Ghana.

The partnership will facilitate the integration of Capital Bank’s internet-based systems to ensure that money transferred through Ria is received instantly across all the bank’s branches and partner outlets.

According to the Managing Director of Capital Bank, Rev. Fitzgeral Odonkor, the move will expose Capital Bank brand to Ria’s global network of partnerships and also helps in the bank’s drive to become a stronger African brand with footprints across Africa and in other strategic markets.

“In today’s competitive global landscape, speed and precision are basic value drivers and as such we have integrated our systems to ensure that money transfer between Ria and Capital Bank is fluid and instant. We are also expanding our agency relationships to make our remittance solutions available in a total of over 50 outlets nationwide by the 3rd quarter of the year”, the MD explained.

At Capital Bank, Rev. Odonkor said “we believe that the real essence of this partnership is not necessarily about transferring money; it’s about impacting society. We believe remittance is about connecting families, building relationships, sharing love, helping to realize dreams and delivering hope to millions of people around the world.”

The MD added that data from the Bank of Ghana indicates that since 1990 remittance has been a more relatively stable source of Investment flows than official development assistance and foreign direct investment.

Though remittances declined by 16.9 percent in 2015 due to a general global economic downturn, it is estimated to have contributed about 4.8 percent to Ghana’s GDP. 

Head of Remittances at Capital Bank, Adwoa Buadu said the decision to partner Ria was necessary because Ria is a global brand and the 3rd largest money transfer operator in the world with operations in over 147 countries.

She said “Over the brief period of association, we have not only experienced world class services from the Ria team, we have also experienced a money transfer service that is simple, reliable and secure and brings smile to the faces of our many clients.”

Managing Director of Ria Africa, Malick Seck said Ria is always working to expand its network by partnering with banking and financially institutions and post offices.

“Capital Bank is another good quality addition to our network.  So far, with such great innovation, we have no doubts that we have partnered with the right institution”, he added.

He commended Capital Bank for the V Man” and the “Free Money 4 U” service initiative, saying, it is a great innovation indeed. “May I take the opportunity to congratulate Capital Bank for such creative thinking. I will be looking out for the V Man while I am in Ghana, and with your permission, I would like to take this idea to my home country and introduce it to the banking institutions in Senegal.”

A unique feature of the Ria money transfer service at Capital Bank is the ability to directly credit client accounts with the remittances.

An account was opened at Capital Bank for the first Ria client, Francisca Salamatu Yakubu of Tamale.

Capital Bank presently has 18 branches spread across six regions in the country and still counting.

The branches are located at the ultra-modern head office at Spintex, Abossey Okai, Tesano, Newtown, Makola, Ashiaman, Osu, Dansoman, Miotso and Tema in the Greater Accra region; Kasoa , Cape Coast and Winneba in the Central region; Kumasi in the Ashanti region; Koforidua in the Eastern region; Takoradi in the Western region; Tamale in the northern region and Techiman in the Brong Ahafo region.

It is hoping to add at least a minimum of three branches to its growing brand this year.