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TheStreet Open House

Ria Financial Services Announces Expansion In Africa With Partner FirstBank

Stocks in this article: EEFT

Ria, the third-largest global money transfer company and a subsidiary of Euronet Worldwide Inc. (NASDAQ:EEFT), announced today expansion of its payout network in Nigeria by signing a correspondent agent agreement with FirstBank of Nigeria Plc. This partnership allows customers to remit money to their loved ones in Nigeria either through direct payment into the recipient’s account or for cash pick-up at one of FirstBank’s branches.

According to the World Bank, Nigeria continues to be one of the top ten receive countries, accepting over $10B in remittances annually. The agreement expands Ria's payout network in Nigeria by more than 600 locations.

“We are pleased to announce the addition of FirstBank to our growing global correspondent network. FirstBank has been serving consumers in Nigeria since 1894, and understands their customers. Now, together we will offer excellent service to Nigeria. We look forward to a mutually beneficial, exciting, long-term relationship with FirstBank,“ said Juan Bianchi, President & Chief Executive Officer, Ria.

“FirstBank’s existing and prospective customers all over the world now have another platform for remitting money to their loved ones with the peace of mind, expertise, and convenience that FirstBank offers. Ria is a top brand in the money transfer business, and we are delighted at having another opportunity to serve the Nigerian market with seamless money transfer services,” said Folake Ani-Mumuney, Head, Marketing and Corporate Communications, FirstBank.

About Ria

Ria, a subsidiary of Euronet Worldwide, Inc., (NASDAQ: EEFT), and a leading provider of global money transfer, has provided cost effective, secure and fast alternatives to send money to families of our customers worldwide for 25 years. Ria’s network spans approximately 155,000 locations across 136 countries. Ria’s product portfolio includes money transfer, bill payment, money order, check cashing and foreign currency exchange services. For more information visit www.riafinancial.com.

About FirstBank

First Bank of Nigeria Plc. (FirstBank) is Nigeria’s leading financial services institution by total assets and gross earnings. With more than 5 million customers, FirstBank has over 600 branches and eleven (11) subsidiary companies in Nigeria, providing a comprehensive range of financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, and Banque International de Credit (B.I.C) in the Republic of Congo, as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi. FirstBank is recipient of several recent awards including the “Best Banking Group in Nigeria” by World Finance Banking Awards, “Best Financial Reporting Company” by Africa Investor, “Most Innovative Bank in Africa” by African Banker Awards, and was recently named Nigeria’s number one banking brand by Brand Finance Top 500 Banking Brands 2012.

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