MoneyGram International Adds 13 Countries, 33,000 Locations to Global Money Transfer Network
MINNEAPOLIS--(BUSINESS WIRE)--Jan. 19, 2009--MoneyGram International (NYSE: MGI) today announced that in 2008 the
company added 13 countries and territories and more than 33,000
locations to its global network, helping people and communities around
the world by providing more convenient choices for safe and reliable
money transfer services.
"Our continued growth--both international and domestic--is a reflection of
growing consumer demand, fueled by ongoing global migration trends and
our ability to deliver value to our customers and agents across the
globe," said Tony Ryan, MoneyGram chief operating officer and executive
"MoneyGram's diverse, global agent network is our competitive
advantage," said Ryan. "We will continue to invest in strategic growth
by adding agent locations in key growth areas as well as expanding
existing agent relationships, and growing our owned-retail presence."
In 2006, in response to business and market needs, MoneyGram launched
its owned-retail strategy in France and Germany, and today operates more
than 50 stores and kiosks in high-traffic areas in immigrant
communities. Half of the countries joining MoneyGram's network last year
are French-speaking, reflecting the company's commitment to serving the
needs of France's large immigrant population. According to the World
Bank, France is a top-five immigration country with 6.5 million
"Our growth in France was vital to adding Algeria, which according to
the World Bank, produced the largest influx of immigrants into the
country," Ryan said. "Today, we have stronger prospects in the country
for expansion through more traditional agent locations."
Germany is a similar success story for MoneyGram. The company
established service to Serbia this year, which produces a high volume of
immigrants to the country. MoneyGram has 30 owned locations
strategically located in Germany.
"Network breeds network and feeds both expansions to new countries and
increased locations in key areas around the globe," Ryan said. "The more
we grow, the more interested retailers, post offices and financial
institutions are in seeking our service to expand and grow their own
businesses and offer more services to their customers."
Countries and territories added to MoneyGram's global network include
the French-speaking Algeria, Central African Republic, Comoros, French
Polynesia, Gabon, Madagascar and New Caledonia. Other countries include
Angola, Bermuda, Bhutan, Czech Republic, Serbia, and Slovenia.
About MoneyGram International, Inc.
MoneyGram International, Inc. is a leading global payment services
company. The company's major products and services include global money
transfers, money orders and payment processing solutions for financial
institutions and retail customers. MoneyGram is a New York Stock
Exchange listed company with approximately 176,000 global money transfer
agent locations in 180 countries and territories. For more information,
visit the company's website at www.moneygram.com.
Lynda Michielutti, 952-591-3846
Source: MoneyGram International, Inc.