Business News of Monday, 25 February 2013
MoneyGram global agent network surpasses 300,000
Company poised for growth following significant network and channel growth
DALLAS (Feb. 22, 2013) – MoneyGram (NYSE:MGI), a leading global money transfer company now has a global network of more than 310,000 agent locations, following a year of significant network and channel growth.
MoneyGram recently reported money transfer fee and other revenue constant currency growth of 13 percent and transaction growth of 14 percent growth for the fourth quarter and full year 2012. This strong growth over the last several years has been fueled by a growing agent network.
- During the past 30 months, MoneyGram has added 100,000 agent locations
- Since 2007, MoneyGram has more than doubled its network
- In 2012, MoneyGram added more than 43,000 agent locations
- In 2012, MoneyGram crossed the 20,000 location milestone in Africa
- In 2012, MoneyGram post office agent relationships grew to nearly 30 globally
- In 2012, MoneyGram network in the U.S. grew to approximately 50,000 locations
Commenting on MoneyGram's growth, Pamela H. Patsley, chairman and chief executive officer of MoneyGram, said, "We operate in a $500 billion -- and growing-- industry, and have consistently outpaced the industry growth to capture market share through a well-defined strategy. This is an important milestone, but we are not stopping here. MoneyGram's momentum is reinforced by our strong foundation and having the right talent in place to ensure MoneyGram is the preferred provider for the services we offer consumers."
MoneyGram's success is partly attributed to adding premiere agents to its global network, including two of the world's top three retailers, and securing key partnerships in the growing alternative channel space. In 2012, MoneyGram renewed its contract with Walmart, launched mobile money transfer service in Qatar, and announced its global agreement with PayPal that will enable consumers to easily access money in their digital wallets in the physical world.
"Innovation is a priority for us and a driving force in attracting new agents to MoneyGram," said Patsley. "Agents are coming to MoneyGram for our products and the level of personal service and support they receive from our entire organization. This strength distinguishes MoneyGram as a leader in the global financial services industry."
MoneyGram's growth strategy also includes aligning with post offices to provide consumers with convenient access to reliable and affordable money transfer services close to where they live and work. In 2012, it added some of the world's major post office organizations, including post offices in Bulgaria, India, and Iceland. Other postal systems that offer MoneyGram services include Canada, Italy, Jamaica, Kazakhstan, Kenya, Moldova, Poland, U.K. and Ukraine.
MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers bill payment services in the United States and Canada and money transfer services worldwide through a global network of more than 310,000 agent locations – including retailers, international post offices and financial institutions – in 197 countries and territories. 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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