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MoneyGram Expands Self-Service Offering In Sri Lanka With New Account Deposit Product

MoneyGram (NASDAQ: MGI), a leading money transfer and payment services company is making it easier for customers around the world to stay connected to friends and family in Sri Lanka with the launch of its account deposit service.

Sri Lankans working overseas can now transfer funds through MoneyGram to over 98% of bank accounts in the country within an hour, subject to operating hours. The funds can be received in Sri Lankan rupees directly from 40 countries, including the United States, Italy, Lebanon, France and Saudi Arabia.

“We are excited to expand our self-service products in Sri Lanka which is an important market for MoneyGram’s South Asia business. This innovative service demonstrates our commitment to providing MoneyGram customers with more convenient options for sending or receiving money,” said Grant Lines, EVP Asia Pacific, South Asia and Middle East at MoneyGram. “Consumers can now choose MoneyGram for both our extensive cash pick-up network and the new account deposit service in Sri Lanka.”

According to a report published by the World Bank, total remittances into Sri Lanka were an estimated $6.7 billion in 2013 which represented approximately 10 percent of the country’s gross domestic product.

MoneyGram has aligned with Commercial Bank of Ceylon, a local bank and a MoneyGram agent, to facilitate this service. During banking hours, funds are deposited the same day. Should a customer send funds after banking hours, funds will be credited the following day.

About MoneyGram International, Inc.

MoneyGram, 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 339,000 agent locations - including retailers, international post offices and financial institutions - in more than 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada.

Copyright Business Wire 2010

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