Bank PHB Opens Moneygram Red Shop in Benin

Bank PHB has established exclusive outlets in Benin to cater solely for beneficiaries of Moneygram transactions routed through Bank PHB, to make it easier and more convenient for customers to receive money from relatives abroad.
The initiative tagged the Bank PHB Moneygram Red Shop opens branded outlets in Benin where beneficiaries of Moneygram international money transfers can collect dollars and other international currency transfer without going to regular Bank PHB branches in Benin.
Speaking at the launch of the Moneygram Red Shops, Olu Akanmu, internal managing director, Retail Banking, Bank PHB, said “the service rendered at the Red shop is faster than the service rendered at the branches. It is a conducive and relaxed environment different from the busier environment you see at the banking halls.
The staff at the Moneygram Red shops are fully dedicated to meet your Moneygram transaction needs and so you do not have to worry about being distracted by other pressing banking transactions”
Olu also enumerated why Bank PHB is the preferred bank for international money transfers through Moneygram. “We ensure that we do not waste your time when you want to collect the money sent to you, we pay in dollars. We also have a very secure environment to ensure that you feel safe when collecting your money and most importantly we do not compromise our service standards.”
The World renowned rating company, Global Credit Rating (GCR) last week said Bank PHB is on course to emerge as the leading financial institution in Nigeria by 2010.
In a report made available to journalists, GCR noted that Bank PHB’s exploration of both organic and inorganic growth opportunities in the global landscape seems to have paid off with the recent acquisition of Spring Bank Plc. It also noted that between June and October 2008, the Bank opened not less than 35 branches with a further 125 branches planned before June this year.
The GCR report has it that Bank PHBs access to relatively cheaper retail deposits was boosted through its improved branch expansion. According to the report, the apparent lack of differentiation in strategy across the banking sector in Nigeria has made size a compelling and critical determinant of market success.