MoneyGram expands money transfer services to rural areas

MIcrofinance Focus, Dec. 7, 2009: MoneyGram International, a leading global money transfer company, announced on Monday that two more banks-Abhyudaya Co-op Bank Ltd and Thane Janata Sahakari Bank Ltd (TJSB) — will soon be offering MoneyGram money transfer services. With these, 18 Indian banks offer MoneyGram’s services.

Abhyudaya and Thane Janata Sahakari banks are MoneyGram’s first urban co-operatives, and they extend the company’s reach into smaller cities and towns in the states of Maharashtra, Karnataka and Gujarat. The banks have been signed as sub-agents by UAE Exchange & Financial Services Ltd and Thomas Cook (India) Ltd.

Mr. Harsh Lambah, MoneyGram’s regional director for South Asia, said: “We have doubled our network in India this year and our progress continues. Adding our service to Abhyudaya and Thane Janata Sahakari banks is a first step in providing more locations and services in rural areas.”

According to the World Bank, 2008 remittances in India totaled $52 billion-a figure driven by the growing number of Indians living, working, studying and traveling abroad. Demand for safe and reliable remittances is especially high in countries with large Indian populations, including the United States, United Kingdom, Canada, Australia, Greece and the UAE.

MoneyGram’s money transfer service is approved by the Reserve Bank of India (RBI) and has been available in India since 1997. In addition to UAE Exchange and Thomas Cook, key agents across India include Mehra Forex, Airwings Services Pvt. Ltd., Indus Ind Bank, Supreme Securities Limited, Trade Wings Limited and Catholic Syrian Bank.

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