Signs first retail agent in France signaling new opportunities for growth; Celebrates with Bank of China, Citi and other key agents around the world
MINNEAPOLIS & PARIS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global payment services company, announced today that it has successfully expanded its global network to 200,000 agent locations. This significant milestone was reached with the addition of SRD MP and its partner Bimedia, a value-added services provider for tobacco and news retailers throughout France, which will bring MoneyGram money transfer services to 2,500 tobacco shops across the country. SRD MP, which has signed a five-year contract, will serve as a super-agent and will sign additional retail agents across the country.“MoneyGram is very pleased to add such an established and well-known institution as Citi to our agent roster in Central America. It is significant for both our companies as it accelerates growth throughout the entire region.”
This strategically important partnership — MoneyGram’s first in France with a non-bank agent — will create a new channel for distribution, enable key retail network growth opportunities, and dramatically expand MoneyGram’s presence in France. The relationship is a positive example of the European Union's Payment Services Directive (PSD) instituted in 2009, which allows for retailers and other non-bank organizations to provide payment services that were previously offered only by financial institutions in the EU.
“We are delighted to be celebrating two important milestones, the opening of our 200,000th agent location and the signing of our first retail agent in France,” said Pamela H. Patsley, MoneyGram chairman and chief executive officer. “This important agreement with SRD MP and Bimedia enables MoneyGram to capitalize on the opportunities created by the EU's PSD. Providing MoneyGram’s services through one of France’s largest retail networks demonstrates our continual commitment to serving our customers in the communities where they live and work.”
Patsley is in Paris today to announce the SRD MP and Bimedia agreement and to host a ribbon cutting ceremony at MoneyGram’s 200,000th location.
“With more than 200 million people living outside their country of birth, MoneyGram understands that the ability to send money home to loved ones is crucial for our consumers,” said Patsley. “At every MoneyGram location whether a corner tobacco shop, a large retailer or a financial institution, MoneyGram provides convenient and reliable money transfer services to people across the globe.”
MoneyGram, which added nearly 20,000 agent locations throughout the world last year, is taking the opportunity to celebrate its 200,000th location milestone with key agents in Central America and Asia as well. In an event in San Salvador today, MoneyGram and Citibank are announcing a new region-wide alliance that will bring MoneyGram’s money transfer services to Citi locations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.
Dan O’Malley, executive vice president of Americas for MoneyGram who is in San Salvador for the Citi announcement said, “MoneyGram is very pleased to add such an established and well-known institution as Citi to our agent roster in Central America. It is significant for both our companies as it accelerates growth throughout the entire region.”
MoneyGram is also celebrating today in Beijing with Bank of China, its largest agent partner in Asia. In January, MoneyGram and Bank of China announced money transfer services will be rolled out in all 10,000 Bank of China branches, and today will begin rolling out services in the Jiangsu and soon in Zhejiang province. The bank already introduced services in its Beijing and Guangdong locations earlier this year.
"Our agreement with Bank of China triples our presence in the country. As China further grows and its communities and people become increasingly international, this relationship with Bank of China provides a vital service for Chinese people to help their families around the world," said Nigel Lee, MoneyGram executive vice president of Europe, Middle East, Africa and Asia Pacific regions.
Furthermore, in celebration of opening of its 200,000th agent location and in recognition of the events taking place in different regions across the world, MoneyGram is donating a total of $200,000 to non-profit organizations working in El Salvador, China and organizations working in Ivory Coast and Senegal, parts of Africa that rely on remittances from France. Among the agencies receiving funds are the Pan American Development Foundation in El Salvador, ChinaSource in China, Friends of Therese Haury in Ivory Coast, and Grameen Foundation for microfinance programs in Senegal. Each of these organizations aligns with MoneyGram's corporate giving platform by assisting residents of these countries through microfinance programs and essential education services.
About MoneyGram International, Inc.
MoneyGram International offers more control and more choices for people separated from family and friends by distance to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to 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 200,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com or connect with us on Facebook.
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