First Bank, established in 1894, is Nigeria's oldest bank, with one of Nigeria's largest networks, MoneyGram said.
Nigeria, Africa's most populous nation, is ranked among the world's top 10 receiving countries for money transfers, MoneyGram said. The World Bank estimates that $10 billion in remittances was sent to Nigeria last year, with the U.S. the primary sending country.
Nigeria is widely recognized as the country of origin of many e-mail scams and financial fraud operations involving money transfers.
Company spokeswoman Lori Burzynski said MoneyGram data show that less than one-half of 1 percent of the company's total transactions represent third-party fraud. She said MoneyGram has committed "significant resources to building a state-of-the-art consumer anti-fraud program, and we continue to improve the program."