Placid Express opens new money transfer venture to Ghana

On Friday March 17, 2006, the National Council of Ghanaian Associations (NCOGA) hosted the launching of a new venture in money transfer at the Ghana Mission. This venture in money transfer was launched to promote a new approach to remittances in Ghana. Placid Express, a money transmitting company based in New York City and authorized by the state banking departments in New York and New Jersey has teamed up with APEX bank in Ghana to provide money transfer services to Ghana.

During the launching ceremony, the founder and CEO of Placid Express, Dr. Kamal Ahmed expressed his desire to extend this service, which has been very popular and successful in Asia, to Ghana after visiting and speaking with people in Ghana, especially in the rural areas.

Placid Express’s services are unique in that they have partnered with APEX bank in Ghana in conjunction with the rural banks in Ghana so that remittances can go directly to those for whom it is intended. Unlike the current practice of other money transfer services that are located in urban areas where people are forced to travel to these central points to collect their remittances, and where they may be charged a fee for the transaction, Placid Express works with the rural banks so that relatives do not have to travel far distances to collect their money. Furthermore, collecting remittances do not entail any further transaction fees. The rural banks also serve to alleviate the problem of identification before remittances are released to the intended parties. For instance, since most of our parents are without proper identification cards, we are forced to send our remittances through other relatives. But with direct link to our rural banks our parents can directly receive their money. In such small rural towns, it is easy for them to prove their identity, either because they are known at the bank or someone else can vouch for them.

This collaborative effort is led by Mr. Emmanuel K. Kwapong Managing Director of ARB Apex Bank Ltd, Ghana who is currently on tour in Latin America and the US to study how the rural banking system is evolving, and took time to join us herein New York for this important venture. Also on hand was Mr. Charles Pinkrah- Head of IT, ARB Apex Bank Ltd, Ghana to study enhanced security systems to make sure transmittals are safe and privacy issues addressed.

On hand to make all these collaboration a success was Mr. Francis Ekow Adjepong, of Financial Innovations, Seattle. He spoke of the potential this venture has for making remittances pay dividends if individuals elect to become agents or seek vendors to partner with Placid Express.

Present at the inaugural were the ESG Alhaji Mohammed Mardah and his Deputy Ms. Ivy Quarshie and the entire leadership of the NCOGA, who pledge to take the information, gathered back to their respective associations and communities and also where possible, become partners to what appears to be a genuine and potentially lucrative endeavor. On hand to cover the event were African Abroad, Asenta Magazine, Dondo Magazine and African Business Network.

For those interested in becoming an agent for Placid Express, please contact Mohammed Mardah at (917) 349-2227 or Ivy Quarshie at 347-489-5007. You may also visit their website at www.Placid.net for detail information on the company.

Apr 02, 2006 | Categories: Business | Tags: apex bank, ARB Apex Bank Ltd, Asenta Magazine, Asia, bank, Business, Dondo Magazine, Emmanuel K. Kwapong, Francis Ekow Adjepong, Ghana Mission, Ivy Quarshie, Kamal Ahmed, Latin America, Mohammed Mardah, money transfer, money transfer services, New Jersey, New York City, placid express, rural banking system, rural banks, Security systems, state banking departments | Leave A Comment »