MoneyGram International (NYSE:MGI), a leading global money transfer company, today announced a new seven-year super agency agreement with Money Transfer International Limited (MTI) a United Kingdom-based remittance and foreign currency exchange business.
Through this new super agency agreement, MTI will lead the acquisition and management of new MoneyGram sub-agents in Denmark, Finland, Norway and Sweden. The new sub-agents introduced via MTI will complement MoneyGram's existing agent relationships in the Nordics where it has been established since 2004.
"We are delighted to sign our first super agency agreement in the Nordics," said Mark Crowson, regional director for Northern Europe at MoneyGram. "This partnership is critical in accelerating our growth across a key region. MTI has solid experience in operating the super agency model and we look forward to the rapid network expansion MTI will deliver."
A specialist in money transfer and foreign currency exchange services, MTI has partnered with MoneyGram since 2006, acting as a super agent developing extensive networks across the United Kingdom, Republic of Ireland, Czech Republic and Gibraltar.
"It is very exciting for MTI to be extending its relationship with MoneyGram International across the Nordic region. We will build upon our experience and successes as a MoneyGram super agent in our current European markets to achieve rapid growth in this Nordic region, where we see huge potential," said James Nicholson, Managing Director for MTI.
The five countries of the Nordic region - Denmark, Finland, Iceland, Norway and Sweden - are home to an estimated three million immigrants, mainly from the Philippines, Thailand, Poland and Africa. According to the World Bank, in 2008, the five Nordic countries combined, sent more than $9.4 billion in remittances around the world. That number makes the regional market similar in size to the combined send markets of the UK and France, which reported nearly $9.6 billion in remittances sent the same year.