AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
MoneyGram's US page for Nigeria lists bank deposit to ten Nigerian banks, including GTBank, First Bank, UBA, Stanbic IBTC and Fidelity. You enter the receiver's full name as the bank holds it, the bank, and their 10-digit account number, and since 1 May 2026 the money is paid in naira, as reported. MoneyGram shows the fee and rate before you pay; it advertises $0 fees only on a new customer's first online transfer.
How MoneyGram bank deposit to Nigeria works
You pay MoneyGram in the US, online, in the app or at an agent, and MoneyGram pays the money into the receiver's account at a Nigerian bank. On its US page for Nigeria (checked October 2026), MoneyGram lists the banks it pays into as Unity Bank, United Bank for Africa, Union Bank, Stanbic IBTC, Sterling Bank, Polaris Bank, FCMB, Fidelity Bank, First Bank of Nigeria and Guaranty Trust Bank. If the receiver banks somewhere else, check the bank list in the app before you promise anyone a delivery, or ask the receiver for an account at one of the listed banks.
The same page says you can pay with a debit card, a credit card, a bank account, or cash at a location. How you pay matters for two reasons: speed, because bank-funded transfers usually wait for the money to reach the provider, and tax, because the 1% US federal remittance tax that began in 2026 applies to transfers funded with cash, a money order, a cashier's check or a similar physical instrument, not to those funded from a bank account or a US-issued card, according to Pillsbury's April 2026 summary of the rules.
The details you enter as the sender
MoneyGram's public page does not list the form fields, so the list below is what a Nigerian bank deposit needs to succeed, matched to what GTBank's own MoneyGram page asks for. Get each item from the receiver in writing, not from memory.
| Field | What to enter | Common mistake |
|---|---|---|
| Receiver name | First name and surname exactly as the bank holds the account. GTBank's page asks senders to use the account's first name and surname. | Using a nickname, a married name the bank does not hold, or initials |
| Bank | The bank picked from MoneyGram's list | Choosing a similar-sounding bank, for example Union Bank for UBA |
| Account number | The 10-digit NUBAN of a naira account | Giving a domiciliary (dollar) account number |
| Receiver phone | The receiver's Nigerian mobile number, if asked | An old number the receiver no longer uses |
| Amount | The dollars you send; the screen shows the naira the receiver gets | Reading the naira figure before fees are applied |
The account number is where most problems start. Nigerian accounts are tied to the holder's BVN record, and a name that does not match the account can lead to a hold or a return. Our guide to transfers that fail on a name mismatch explains how to get the name exactly right. For the full list of details family should send you, see receiving bank details your family must give.
Naira only: what the receiver actually gets
Techeconomy reported in March 2026 that a CBN circular, effective 1 May 2026, requires inbound retail remittances through money transfer operators such as MoneyGram to be paid in naira only, with US dollar cash payouts and dollar credits to domiciliary accounts removed from that channel. So a MoneyGram bank deposit lands as naira, converted at MoneyGram's rate when you send. If the receiver wants to hold dollars, a bank wire to a domiciliary account is the usual route; see wiring US dollars to a Nigerian domiciliary account.
GTBank's MoneyGram page also describes naira cash collection at its branches, with amounts above $200 going into an account. That is a GTBank payout rule, and it sits alongside the CBN rule above.
What it costs
MoneyGram publishes no standard fee for Nigeria. Its page advertises "$0 fees for new customers" and a footnote limits that to the first online transfer, adding that fees and exchange rates vary by amount, payment type, delivery method and location, and that MoneyGram also makes money on currency exchange. So the true cost has two parts:
- The fee, shown on the screen before you pay.
- The exchange-rate margin, the gap between MoneyGram's naira rate and a market reference rate at the same moment. Our explainer on exchange-rate margins shows how to work it out.
Worked example
Example only, with made-up figures. You send $300. The screen shows a $4.99 fee and a rate of ₦1,300 per dollar while a reference rate stands at ₦1,330. The receiver gets 300 x 1,300 = ₦390,000. At the reference rate, $300 would be ₦399,000, so the rate costs you ₦9,000, about $6.77 at ₦1,330. Your total cost is about $4.99 + $6.77 = $11.76.
Before you press send
- Confirm the bank is on MoneyGram's Nigeria list.
- Copy the account name and NUBAN from the receiver's own message or a bank screenshot.
- Pay from a bank account or card if you want to avoid the 1% cash-funded tax.
- Read the receipt: US rules require it to show the fee, the rate, the amount the receiver gets and the date it will be available.
- Keep the reference number to track it; see tracking a MoneyGram transfer.
If something goes wrong, the CFPB says you generally have 30 minutes after paying to cancel for a full refund, unless the money has already been deposited, and 180 days from the promised availability date to report an error.
Where Pryme fits
If you send regularly, a Pryme account opened from the US holds dollars and naira side by side. You can convert with Swap when you choose and pay any Nigerian account with Send; the app shows the rate and the fee before you approve. Outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
Which Nigerian banks can receive MoneyGram bank deposit from the US?
MoneyGram's US page (October 2026) lists Unity Bank, UBA, Union Bank, Stanbic IBTC, Sterling, Polaris, FCMB, Fidelity, First Bank and GTBank. Check the app for the current list.
Can MoneyGram pay dollars into a Nigerian domiciliary account?
Not through the money transfer channel since 1 May 2026, as reported: the CBN requires inbound remittances through transfer operators to be paid in naira. A bank wire is the route for dollars.
How much is the MoneyGram fee to Nigeria?
MoneyGram does not publish a standard figure. The first online transfer for new customers is advertised at $0; after that the fee depends on amount, payment method and delivery, and is shown before you pay.
What if I typed the wrong account number?
Contact MoneyGram at once. If the money has not been deposited you may be able to cancel; if it went to someone else's account, US rules require the provider to try to recover it.
Sources
- MoneyGram US: Send money to Nigeria · accessed Oct 2026
- GTBank: MoneyGram · accessed Oct 2026
- Techeconomy: What CBN's naira-only remittance policy means (28 Mar 2026) · accessed Oct 2026
- Pillsbury: IRS remittance excise tax (13 Apr 2026) · accessed Oct 2026
- CFPB: What is a remittance transfer and what are my rights? (reviewed 3 Oct 2024) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.