July 6, 2012
MoneyGram Adds Four Banks and 650 Agent Locations in Pakistan
Company generates 30 percent agent network growth in Pakistan in six months
KARACHI, Pakistan (July 6, 2012) – MoneyGram (NYSE:MGI), a leading global money transfer company, has generated 30 percent growth in its network in Pakistan since January, aided significantly by the recent additions of four banks, Bank AL Habib, Bank Islami Pakistan, KASB Bank and Tameer Bank.
The four banks, which are spread across rural and urban regions, bring 650 new locations to the company’s agent network in Pakistan and increase its total locations to more than 2,500 throughout the country.
Pakistan is the sixth largest remittance market in the world and has more than three million Pakistanis living abroad in the United Arab Emirates and Saudi Arabia, alone.
According to Richard Meredith, MoneyGram senior regional director for the Middle East, the four banks and their broad geographic coverage are ideal agents for MoneyGram. “To capture the remittance business in a geographically large country, proximity to consumers is key. As such, these new bank agreements are a significant step for ensuring we have locations that are convenient to our customers,”he said.
The banks are staples within Pakistan’s banking industry, with Tameer Bank in operation since 2005, Bank Islami since 2004, KASB Bank Limited since 1994 and Bank AL Habib since 1991.
In 2011, Pakistan received more than $12 billion in remittances, according to the World Bank, second only to India in the region. Other MoneyGram agents in Pakistan include: Bank AL Falah, Wall Street Exchange, MCB Bank Limited, Paracha Exchange, Dollar East Exchange, Royal Exchange.
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 275,000 agent locations—including retailers, international post offices and financial institutions—in 194 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.
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