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TheStreet Open House

MoneyGram Expands Reach In Ukraine

Stocks in this article: MGI

Customers in Ukraine and across the globe can now receive and send money between friends and family at all PJSC “First Ukrainian International Bank” (FUIB) locations thanks to an agreement between MoneyGram (NASDAQ: MGI), a leading global money transfer company, and FUIB.

FUIB is a large, privately owned bank with two decades of operations in Ukraine’s financial market. It is listed among the country’s top 10 banks serving more than 25,000 corporate customers and nearly 1.5 million individuals.

“Through our agreement with FUIB, MoneyGram’s services are now offered at a much larger range of locations across the country,” said Andrei Afanasyev, marketing director of CIS, Israel and Emerging Europe at MoneyGram. “This collaboration means big growth in Ukraine for MoneyGram and our customers, who will now have more places to quickly connect with and reach loved ones through funds transfers.”

“Our clients are looking for easy, convenient and fast ways to send and receive money,” said Stephan Guglieri, executive director, member of the management board of FUIB. “We’re striving to meet those requirements – while also providing the highest-quality services – so by working with MoneyGram, we are achieving this objective.”

Because of a high emigration rate, about 86 percent of customers in the country receive funds from family, friends and business associates. According to the World Bank, many Ukrainians are moving to countries including Russian Federation, Poland, the U.S., Kazakhstan, Israel, Germany, Italy and Spain, and often send and receive money to and from loved ones back home.

About MoneyGram International

MoneyGram International, a leading 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 through a global network of 327,000 agent locations -- including retailers, international post offices and financial institutions -- in nearly 200 countries and territories. MoneyGram also offers bill payment services in the United States and Canada. MoneyGram is listed on the NASDAQ Stock Exchange under the ticker symbol MGI. 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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