MoneyGram International (NYSE:MGI), a global leader in money transfers, announces it has added 4,200 new locations to its network in India through Bank of Baroda, Axis Bank and Vijaya Bank.
Including these new agent locations, MoneyGram has over 30,000 locations throughout India, the largest remittance country in the world.
Bank of Baroda, which offers MoneyGram money transfer services at 2,000 locations, was signed to MoneyGram's agent network under super-agent UAE Exchange. Founded in 1908 and recently named "Best Bank of 2010" by Business India, Bank of Baroda is well established with a significant number of branches throughout key regions of India as well as operations in 26 countries.
Axis Bank has introduced MoneyGram services into 1,100 new locations in rural and urban areas. Key states of operation are Goa, Kerala, Maharashtra and Punjab. Axis Bank is signed as a sub-agent of UAE Exchange.
Vijaya Bank, founded in 1931 and with operations in all 28 Indian states, strengthens MoneyGram's presence, particularly in the states of Karnataka and Andhra Pradesh in South India. The bank introduced MoneyGram services in 1,100 branch locations. It joins the network through super-agents UAE Exchange and Thomas Cook.
"According to the World Bank, India is the number-one remittance country in the world, taking in nearly $50 billion a year. It goes without saying that this is an important market for MoneyGram," said Nigel Lee, executive vice president of Europe, Middle East, Africa and Asia Pacific. "We are convinced that the agent relationships with Axis, Baroda and Vijaya banks will be successful in meeting customer needs and growing our presence in the region."
MoneyGram entered the Indian market over 10 years ago and has since partnered with 26 banks, and with the addition of these three banking partners, has added 5,726 agent locations this year alone. In recent years, the company made a significant commitment to the market by opening regional offices in Mumbai and Delhi. MoneyGram's presence in the region provides an important service to the more than 25 million non-resident Indians who continue to have ties to India. As part of its commitment to the region, MoneyGram recently announced a five-year partnership with the International Cricket Council (ICC). MoneyGram is the official money transfer provider of all ICC cricket matches beginning with the World Cup 2011.