MoneyGram adds Paraguay agent partners

Source: MoneyGram International

MoneyGram International (NYSE:MGI), a leading global money transfer company announced today that it has added three new agent partners to its network in Paraguay.

The new agents, Banco Familiar, Cambios Chaco and Multicambios, which have already begun offering MoneyGram money transfer services, add 65 new agent locations throughout the country.

"We are delighted to bring on Banco Familiar, Cambios Chaco and Multicambios to our network. All of these are well-established, trusted companies and have experience in remittances, which only strengthens our brand and business," said Dan O'Malley, executive vice president of Americas for MoneyGram. "MoneyGram's goal is to offer the most reliable and most convenient service to people no matter where they live or work and we are able to do that even more efficiently through these great agents."

Banco Familiar is a leading consumer bank in Paraguay, and has one of the largest banking branch networks in the country. Cambios Chaco, with 20 locations, and Multicambios with 30 branches - the most in the country - are experienced foreign exchange agencies. Banco Familiar and Cambios Chaco were formerly agents of MoneyGram's main competitor and now are offering MoneyGram services.

The new agents will introduce MoneyGram into the cities of Concepcion, Santa Rita and Pedro Juan Caballero. Other MoneyGram agents in Paraguay are Banco Vision, Brios de Finanzas and Maxicambios.

The Inter-American Development Bank estimates that $691 million USD in remittances was sent to Paraguay in 2009. Key countries which send to Paraguay are Argentina, Spain and the United States.

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