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,’ explains Richard Meredith, regional director for the Middle East, MoneyGram.
‘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.’
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 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.
‘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,’ continues 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.’