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MoneyGram (NYSE: MGI), a leading global money transfer company, announced today it has renewed its contract with Coppel, one of the largest department store chains in Mexico. The renewed relationship builds on nearly 10 successful years of collaboration. Customers can expect continued access to money transfer services across Coppel’s 976 retail locations throughout Mexico.
Renewing Coppel maintains MoneyGram’s presence in Mexico, a country with an inflow of approximately $24 billion in cash remittances during 2011, according to the World Bank, making it the world’s third largest receiver of money transfers behind India and China. Mexico is also MoneyGram’s largest market for remittances sent from the U.S.
“Renewing this agreement with MoneyGram was important to us, as our relationship has increased foot traffic in our stores,” said Eder Valenzuela, business manager of Coppel. “Many Mexican residents depend on the funds they receive from family through MoneyGram. We strive to provide our customers with affordable services that meet their needs; MoneyGram helps us accomplish that goal.”
According to Robert Burford, regional director of MoneyGram in Mexico, extensions and renewals are as important as new signings to the base business. “Retaining and extending existing agent relationships are directly related to the continued success, customer focus and revenue-building of MoneyGram as a whole,” said Burford. “The renewal of our largest, best-known agent -- and second-largest retail chain -- in Mexico is a clear sign that the relationship with MoneyGram brings value to Coppell’s business and customers.”
As part of the renewed agreement, MoneyGram will increase its marketing efforts to promote the availability of its send and receive services at Coppel’s retail stores throughout Mexico.
Coppel, which started its operation in 1941, is the second-largest department store chain in Mexico, specializing in furniture and home improvement, and has a presence in every Mexican state.