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TheStreet Open House

MoneyGram Customers Have More Options For Sending And Receiving Funds In Oman

Stocks in this article: MGI

MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, has signed an agreement with Oman United Exchange Co. LLC, a leading currency exchange business in the Sultanate of Oman, to offer money transfer services at several locations throughout the country. The collaboration brings MoneyGram’s services closer to where customers live and work.

“Oman is one of the largest remittance send countries in the Gulf Cooperation Council region, and due to the strong growth of its economy, it attracts a large number of expatriates,” said Grant Lines, executive vice president of Asia Pacific, South Asia and the Middle East at MoneyGram. “This relationship with Oman United Exchange will make it easier for these expatriates and residents to send or receive funds, ultimately bringing them closer to their families and loved ones.”

According to the World Bank, customers in Oman sent more than $8 billion 1 in outbound remittances in 2012. The large outbound remittance market is a result of the influx of immigrants — mainly arriving from the Indian Subcontinent, Southeast Asia and Arab nations — who are also rapidly increasing demand for easy-to-access funds transfer services.

"Our alliance with MoneyGram comes at a time when our company is making significant global strides in the remittance and financial services market,” said Saleemullah, Oman United Exchange general manager. “With MoneyGram services in our portfolio, we have yet another cutting-edge remittance option that will enable us to better serve our customers.”

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.

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