MoneyGram, Advance America Renew Contract At Over 2,400 Stores Across USA

MoneyGram (NYSE: MGI), a leading global money transfer company, announced today it has renewed its contract with Advance America, a leading provider of consumer financial services. Customers can expect continued access to money transfer services across Advance America’s 2,435 retail locations throughout the country.

The exclusive five-year renewal builds on a multi-year collaboration between the two companies and includes the addition of 242 locations to the network as a result of Advance America’s recent acquisition of CompuCredit’s retail store front consumer finance business.

“The relationship with MoneyGram complements Advance America’s strategy of offering a full suite of retail financial products that meet the needs of our customers,” said Patrick O’Shaughnessy, chief executive officer of Advance America.

“MoneyGram’s primary focus is to provide consumers with a comprehensive package of money transfer services,” said Rick Byrne, vice president of strategic accounts for MoneyGram. “Ongoing and expanding relationships with strong companies such as Advance America are important to MoneyGram’s core product growth. We are confident our agreement benefits consumers across the country who need access to urgent bill payment solutions and a way to send or receive money quickly.”

Advance America offers a wide range of fast and convenient financial services at more than 2,400 locations nationwide, including:
  • Payday advances
  • Installment loans
  • Gold-buying
  • MoneyGram® services
  • Tax services
  • Visa® prepaid cards

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 284,000 agent locations—including retailers, international post offices and financial institutions—in 196 countries and territories around the world. 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.

About Advance America, Cash Advance Centers, Inc.

Founded in 1997, Advance America is a leading provider of consumer financial services in the United States, with approximately 2,400 centers in 29 states. Advance America is a wholly owned subsidiary of Grupo Elektra, one of the largest Latin American providers of banking services, consumer finance and specialty retailing and is a founding member of the Community Financial Services Association of America (CFSA), whose mission is to promote laws that provide substantive consumer protections and to encourage responsible industry practices. Please visit www.advanceamerica.net for more information.

Copyright Business Wire 2010

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