Bank of China, India's Punjab National Bank and NCB in Saudi Arabia among newest agents
Dubai: MoneyGram International (NYSE:MGI), a leading global provider of money transfer services, recently reached 180,000 global agent locations as banking giants Bank of China, India's Punjab National Bank and National Commercial Bank in Saudi Arabia began service this year. These three alliances added 6,500 money transfer locations, including 1,400 ATMs that consumers can use to conduct money transfers in Saudi Arabia.
In addition to MoneyGram's traditional money transfer network dominated by financial institutions, post offices and retail businesses, MoneyGram expects to add local mobile network operators as agents as part of its planned expansion into mobile money transfers.
"MoneyGram now offers agent locations in more than 190 countries and territories and our growth is focused on adding more countries and greater convenience to meet the needs of migrant and expatriate workers," said Richard Meredith, MoneyGram's regional director for the Middle East. "Mobile money transfer services are an emerging part of our product offering and we are eager to bring these services to the Middle East. Overall, we expect mobile service to be in highest demand in developing economies where individuals are more likely to have mobile phones than bank accounts."
MoneyGram's growth has touched every region of the world with South Asia adding the most locations this year with expansions in Sri Lanka, Nepal, Bangladesh and India. In the Philippines, MoneyGram has grown to more than 6,000 locations and now offers consumers more choices to collect their funds as money transfers can be received in dollars or pesos. MoneyGram has also doubled its network in South Korea, Kenya, Angola and Ethiopia.
"MoneyGram's purpose is to help people meet their financial needs through more choices to transfer and collect funds with more convenience in the currency they prefer," said Meredith. "Convenience begins with our strong and growing network of prominent agent locations and extends to new ways to complete money transfers such as by ATMs, mobile phones and even the ability to collect funds directly on a prepaid card."
The demand for money transfer services is driven by the growing number of migrants and expatriates seeking work to provide for their families and build financial resources. MoneyGram provides great value to consumers as its services are offered at a low cost in convenient locations for customers sending funds for their friends and family members receiving funds abroad. For a low fee starting from just AED 16, MoneyGram completes the money transfer in as little as 10 minutes subject to agent hours and availability. A currency exchange fee may also apply. MoneyGram's agents in UAE are Al Rostamani International Exchange, Al Fardan Exchange, Al Ahalia Exchange and any where you see the MoneyGram sign.
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About MoneyGram International
MoneyGram International offers more control and more choices to people separated from family and friends by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com.
Media Contacts:
Ananth Srivatsa,
MoneyGram,
Phone: +9714 2923777,
arivatsa@moneygram.com
Radhesh Menon, Concept PR, Mob:00971509259718, radhesh.m@concept.com
© Press Release 2009
