CAIRO, Jan. 23, 2020 /PRNewswire/ -- MoneyGram
International, Inc. (NASDAQ: MGI), a global leader in
cross-border P2P payments and money transfers, today announced that
it has entered into a strategic partnership with Suez Canal Bank, a
leading financial institution that will enable MoneyGram customers
from around the world to send money directly to the bank accounts
of friends and family members in Egypt.
The new agreement strengthens the company's presence in
Egypt as MoneyGram now has access
to the bank's wide network of correspondent banks throughout the
world. Suez Canal Bank will be able to connect to the innovative
MoneyGram platform to offer the new account deposit services to all
of its customers to provide them with enhanced, digitally-enabled
convenience and an improved experience.
"As we execute our digital transformation to lead the industry
in the digital movement of money, a key strategic priority is
expanding account deposit services in major international markets,"
said Grant Lines, Chief Revenue
Officer at MoneyGram. "We're excited about how this partnership
with Suez Canal Bank will provide our customers in Egypt with cutting-edge capabilities that
offer the industry's best service."
Mahmoud Shehab - Head of
Financial Institutions at Suez Canal Bank, said "partnering with
MoneyGram, a global leader in cross-border peer-to-peer payments
and money transfers, would benefit both institutions as we target
to expand our share of the Egyptian remittances business by signing
this agreement".
MoneyGram is a market leader in digital innovation, offering
money transfer services through a wide range of omnichannel
solutions, including a leading mobile app, debit card deposit, and
digital wallet capabilities. With a physical and digital
distribution network in over 200 countries and territories,
MoneyGram will be able to provide Egyptians living abroad with a
fast and convenient way to send money back home to family and loved
ones.
According to the World Bank, Egypt ranks fifth in
global remittances, as the total amount received climbed 17 percent
in 2018 to $29 billion. Remittances also accounted for 11.6
percent of Egypt's GDP in 2018 and represent the
country's second-largest source of foreign exchange after exports.
The new partnership with Suez Canal Bank will help provide even
greater financial inclusion and give MoneyGram customers additional
resources to easily and readily gain access to funds, wherever and
whenever they need them.
About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and
money transfers. Its consumer-centric capabilities enable the quick
and affordable transfer of money to family and friends in over 200
countries and territories, with over 65 countries now digitally
enabled.
The innovative MoneyGram platform leverages its leading
distribution network, global financial settlement engine,
cloud-based infrastructure with integrated APIs, and its
unparalleled compliance program to enable seamless transfers around
the world.
For more information, please visit moneygram.com.
About Suez Canal Bank
Suez Canal Bank, an Egyptian joint stock company, is a leading
local financial institution with a long track record in offering
financial products and services to both institutional and
individual customers, based on a three pillar strategic business
model comprised of Institutional Banking, Personal Banking and
Islamic Banking for corporate and individuals utilizing its network
of 47 in addition to a wide network of correspondents
throughout the world.
For more information, please visit www.scbank.com.eg
MoneyGram Media Contact:
Noelle Whittington
media@moneygram.com
214-979-1402
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SOURCE MoneyGram International, Inc.