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TheStreet Open House

MoneyGram Celebrates 20,000 Agent Locations In Africa

Stocks in this article: MGI

MoneyGram (NYSE: MGI), a leading global money transfer company, announced today that it has crossed the 20,000 agent location milestone in Africa and is opening a new office in Casablanca to serve as MoneyGram’s African hub. The news was announced at a press conference held today at Kenzi Tower Hotel, Boulevard Zerktouni, in Casablanca.

The new office, located at Maarif in Casablanca, will initially house ten MoneyGram employees.

MoneyGram has been in Morocco since 1998. In June 2011, the company opened its Casablanca office dedicated to taking care of its nine agents in Morocco and those in North Africa and West Francophone Africa to provide MoneyGram products and services for customers across the region.

“Casablanca is the economic capital of Morocco and the remittance link between Europe and Africa. It’s critical to our growth in the region to have a strong physical and brand presence here,” said Herve Chomel, vice president of Africa. “In the past 18 months, we have added 3,000 MoneyGram agent locations to our network in Africa and have grown to 20,000 throughout the continent.”

Earlier this year, MoneyGram announced the addition of First National Bank in South Africa, an addition that doubled the company’s agent network in South Africa to 1,000 locations. Before that, MoneyGram added Ecobank Bank in Nigeria, expanding the company’s presence in Nigeria by 600 locations.

According to Carl Scheible, executive vice president of Europe & Africa, MoneyGram, convenience is a critical component in the money transfer industry, particularly in Africa. “We are focused on increasing the number of MoneyGram locations throughout Africa to make our services as accessible and convenient to as many customers as possible.”

According to the World Bank, an estimated $38.6 billion in remittances flowed into Africa in 2010.

About MoneyGram

MoneyGram, a leading global money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide and bill payment services in the United States and Canada through a global network of more than 293,000 agent locations—including retailers, international post offices and financial institutions—in 197 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or connect with us on Facebook.



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