On March 16, 2006, a New York-based worldwide money transfer company and a mini central bank for rural and community banks in Ghana launched a money transfer service in the United States.
Located in the Permanent Mission of Ghana to the United Nations at 19 East 47th Street, the money transfer service would enable Ghanaians living in the United States and elsewhere in North America to send money to Ghana through Placid-Express and channeled to recipients through ARB Apex Bank.
Emmanuel K. Kwapong, managing director of ARB Apex Bank Ltd., who came to New York to launch the service, said the banks are already using its extensive network to channel remittances internally from cities to beneficiaries in the rural areas of Ghana.
According to Kwapong, remittances from abroad, which he termed “inward remittances,” will be channeled through the readily available network of banks to their beneficiaries in rural communities across Ghana without the beneficiaries having to travel for distances to big cities to collect them. The internal transfer of money, mostly from the cities to rural communities, would help reduce poverty in these communities, he said.
Similarly, the inward remittances will help improve the Ghanaian economy by making foreign currencies available for international trade.
In his remarks, Dr. Kamal U. Ahmed, president of Placid-Express, assured the audience and the public that transparency is important at Placid-Express. Placid’s fee structure, he said, is absolutely transparent: No hidden fees, no additional charges at the pick-up points and, above all, the transparency would allow senders to know the exact amount of local currency that will be paid out to receivers.
Asked about the choices available to potential customers who would like to send money to relatives in neighboring Togo, Burkina Faso, Cote d’Ivoire, or even Nigeria, Ahmed said ECOBANK – a private bank based in 13 African countries – in these countries is the place to go to. Under a pre-existing agreement, remittances sent to relatives could be picked up at ECOBANK, he said.
A physician by profession, specializing in obstetrician and gynecology, with a private practice affiliated with prestigious hospitals in New York, Ahmed said he wouldn’t be in the business of transmitting money if he did not believe the process could have a positive impact on the lives and economies of communities in Ghana and the other 44 or so countries in which Placid-Express operates. He expressed his willingness to periodically offer free medical services to the needy and the poor in Ghana if called upon to do so.
Ahmed is assisted by Placid-Express Vice President Mohammed H. Rashid, whose commitment and dedication has made Placid-Express a household name among expatriates sending money to their home countries.
