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MoneyGram Signs Agreements With Tanzania Posts Corporation And Uganda Post Limited

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer company, announced today that it has signed agreements with Uganda Post Limited (Posta Uganda), and Tanzania Posts Corporation (Posta Tanzania), the most extensive providers of postal services in their respective countries.

The agreements significantly increase MoneyGram’s services locations in Uganda and Tanzania, making accessibility of funds transfer services more convenient to customers living in rural areas.

“Post offices in Tanzania and Uganda can be found mostly in outlying areas in locations not served today by traditional banks,” said Herve Chomel, MoneyGram vice president of Africa. “By signing these agreements, MoneyGram services are now offered to residents of these suburban locations, making transferring or receiving funds easier and more convenient. They help us to further meet our rural customers’ needs.”

In Uganda, where the population nears 33 million and inward remittances are estimated at nearly 775 million, according to the World Bank, customers send funds primarily to the U.S., India, the United Kingdom, Italy and Germany. Residents receive funds primarily from Kenya, South Africa, the U.S. and the United Kingdom.

In Tanzania, the population is around 44 million, with inward remittances nearly 17 million, according to the World Bank. Residents primarily send to the U.S., South Africa, Canada, Oman and Italy. The agreement between Tanzania Post and MoneyGram brings the number of service locations to more than 250.

MoneyGram’s growth strategy includes aligning with post offices to make funds transfer services as seamless and convenient as possible. MoneyGram currently has nearly 30 postal relationships with countries including The Netherlands, Canada and Italy.

About MoneyGram

MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers bill payment services in the United States and Canada and money transfer services worldwide through a global network of more than 321,000 agent locations – including retailers, international post offices and financial institutions – in 198 countries and territories. To learn more about money transfer or bill payment at an agent location or online, please visit moneygram.com or connect with us on Facebook.



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