MoneyGram International (NYSE:MGI), a leading global money transfer company, announced it recently added nearly 1,200 locations in Mexico, Ecuador, Colombia and the Dominican Republic.
With this latest expansion, the Latin America region, including Mexico and the Caribbean, now has more than 25,000 MoneyGram agent locations.
"MoneyGram's network in Latin America has doubled over the last five years with growth balanced across more than 40 countries and territories to serve the needs of a region that according to World Bank received nearly $65 billion in remittances last year," said Anthony P. Ryan, president and CEO of MoneyGram. "These latest expansions are in countries where our network already is vast and diverse. We're continuing to expand our presence in locations offering more convenience to our consumers such as Farmapronto, a pharmacy chain offering extended and weekend hours."
Farmapronto, a leading pharmacy chain, is MoneyGram's newest agent in Mexico, providing more than 700 locations to MoneyGram's large and growing network across the country. In the Dominican Republic, MoneyGram has brought on leading bank Banreservas, expanding its network with 225 additional locations. In Ecuador, MoneyGram signed Banco Guayaquil, the second largest bank in the country, with 145 branch locations; and in Colombia, the company has increased its presence with the addition of Bogota-based Macrofinanceria, a leading consumer lender and a major player in the remittance market, which operates 60 branches in cities and rural communities across the country.
"MoneyGram's leading network is providing great convenience to our money transfer customers in Latin America," Ryan added. "As we continue to expand our distribution network across the region, we are also looking to deliver additional products and services and introduce innovative solutions to help our customers meet their financial needs."