MoneyGram (NASDAQ: MGI), a leading global money transfer company, has extended its relationship with Standard Bank, Africa’s leading financial services organisation by assets. MoneyGram’s services are available at more than 500 Standard Bank locations in South Africa and across 11 Southern and Eastern African countries.
The agreement was signed on 6th November 2014 during an event at Standard Bank’s offices in Rosebank, Johannesburg, by Pamela H. Patsley, MoneyGram’s Chairperson and CEO, and Sim Tshabalala, Group Chief Executive of Standard Bank Group.
“MoneyGram is focused on growing our presence in Africa through strategic relationships with companies like Standard Bank,” said Patsley. “This renewed agreement is a key milestone in our business that will enable us to increase our presence across the continent and provide consumers with fast and secure money transfers. Remittances are a very important part of economic growth and financial inclusion across Africa, and we look forward to supporting the region’s development.”
“As Africa continues to position itself as an exciting market for growth, the provision of sound, safe and relevant financial services is imperative to ensure that the continent continues its rapid development. Remittances are a vital part of everyday life in Africa and, in many countries, make an important contribution to economic growth and household well- being. Standard Bank is very pleased to renew our strategic relationship with MoneyGram. We will work together to sustain and strengthen Africa’s financial linkages,” a press release from the bank quoted Tshabalala.
South Africa is a key driver of economic development across Africa. According to the World Bank, $1.2 billion in remittances flowed from the country in 2013.
MoneyGram International, Inc. MoneyGram, a leading money transfer company, provides essential services to consumers who are not fully served by traditional financial institutions. It offers worldwide money transfer services in more than 200 countries and territories through a global network of 347,000 agent locations, including retailers, international post offices and banks. The company also offers bill payment services, issues money orders and processes official checks in select markets.
Standard Bank Group is the largest African bank by assets. Its strategy is to build the leading African-focused financial services organisation using all our competitive advantages to the full. Its focuses on delivering superior sustainable shareholder value by serving the needs of our customers through first-class, on-the-ground operations in chosen countries in Africa. We will also connect other selected emerging markets to Africa and to each other, applying our sector expertise, particularly in natural resources, globally. We operate in 20 countries on the African continent, including South Africa.