Capital Bank, Ria Money sign pact

Customers of Capital Bank will now have the opportunity to receive their remittances through Ria Money Transfer services at various branches of the bank in the country.

This follows a partnership agreement signed between the two entities (Capital Bank and Ria) in Accra on March 22. 

The Managing Director of Capital Bank, Reverend Fitzgerald Odonkor, said the bank’s partnership with a global brand like Ria exposes its brand to Ria’s global network of partnerships and helps in its 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,” he said.

The bank, he said, has positioned itself strategically to increase its market share and that partnership with Ria, which is the world’s third largest money transfer operator, was an important move aimed at delivering value to clients across multiple channels and platforms.

Importance of remittances

According to Rev. Odonkor, remittance plays an important economic role and is a key source of foreign exchange earnings for the country. 

“Data from the Bank of Ghana indicate that since 1990, it has been a more relatively stable source of investment flow than official development assistance and foreign direct investment. Though remittances have declined over the past two years due to a general global economic downturn, it contributed about 5.19 per cent and 4.8 per cent to Ghana’s GDP in 2014 and 2015 respectively,” he said. 

The partnership

The Head of Remittance at Capital Bank, Ms Adwoa Manko Buadu, said the partnership between the two entities began in February 2016 with the integration of the bank’s Internet-based systems to ensure that money transferred through Ria was received instantly across all our branches and partner outlets. 

The partnership creates the opportunity for the Capital Bank brand to be introduced to Ria’s global partners which supports the bank’s quest to deliver supreme value not only to local clients but also to millions of Ghanaians in international markets where Ria has operations.