Africa: Moneygram Expands Reach to 25,000 Locations in Africa

Money Transfer

MoneyGram has announced that its agent network in Africa has now reached 25,000 locations, following a strategic expansion initiative across the continent.

Recent technology advances and new agent and sub-agent signings, including an agreement with the Mauritius Post Office to offer money transfer services at more than 100 locations, have contributed to achieving this milestone for the company.

"MoneyGram continues to grow throughout Africa as a result of forming strategic relationships with reputable companies, including banks, post offices and retailers, to bring added convenience and more choices for our customers," says Herve Chomel, MoneyGram's VP of Africa. "Remittances are an important part of economic development and financial inclusion throughout the region and are integral to providing household essentials, education and healthcare in many countries. We are excited to be a part of the region's growth."

Consumers have access to MoneyGram's services in more than 50 African countries. In a series of recent successes, the company signed an agreement with First Bank of Nigeria's subsidiaries in Ghana, Sierra Leone, and Gambia. The firm also renewed a master agreement with Standard Bank Group.

MoneyGram's services are available at over 500 Standard Bank locations in South Africa and across 11 Southern and Eastern African countries.

MoneyGram is also implementing innovative self-service channels to make it more convenient for consumers living in Africa or abroad to obtain needed funds.

The company recently announced an agreement with Safaricom that enables consumers in over 90 countries outside Kenya to send funds directly to nearly 20 million customers of M-PESA, Kenya's main mobile wallet provider.

Source: CIO East Africa 5 February 2015