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TheStreet Open House

MoneyGram Reaches 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 officially crossed the 20,000 agent location milestone in Africa through its relationship with Express Exchange.

The news was announced at a press conference hosted today by MoneyGram officials at the Sawa Hotel in Douala.

In addition to Express Exchange, MoneyGram also leverages its robust agent network with well-respected pan-African banks in Cameroon like Afriland First Bank, Banque Atlantique and UBA.

“MoneyGram remains the right choice for Express Exchange,” said Xavier Takam, president, Express Exchange. “Now, we offer our customers a money transfer service that is fast and reliable. Working with MoneyGram demonstrates our commitment to giving our valued customers the important services they need to send money to their loved ones around the world.”

According to Herve Chomel, vice president of MoneyGram’s African region, 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. 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.”

MoneyGram operates in more than 50 countries throughout Africa. In 2012, MoneyGram announced the addition of First National Bank in South Africa and Ecobank in Nigeria, significantly expanding the company’s presence in Nigeria.

According to the World Bank, an estimated $39 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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