MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today it has launched its service through Movistar Remesas, a division of Spanish telecommunications giant Telefónica.
Through a strategic agreement, Movistar Remesas is now a member of MoneyGram's network in Spain and is offering the opportunity for its 1,500 independently owned retail locations to provide money transfer services through MoneyGram to consumers across the country.
The 1,500 retail locations located throughout Spain, locally called "phone shops," provide a variety of communications services including phone and Internet access, Internet and phone cards and now money transfer services. Twenty-five shops have introduced MoneyGram services to-date and the company anticipates a gradual rollout of additional locations throughout the year.
"Providing money transfer services through the Movistar Remesas network is a strategic and strong business opportunity for MoneyGram and Movistar as the demographic that uses both types of service is strongly aligned," said Nigel Lee, MoneyGram's executive vice president of Europe, Middle East, Africa and Asia Pacific. "According to the World Bank, Spain is a leading remittance country with more than $10 billion in remittances received and $12 billion sent out of the country. Leveraging the recognized Movistar brand is a great way to extend our presence in this vast send and receive money transfer market."
With an estimated 6.9 million immigrants, Spain ranks as the seventh-largest immigrant country. Main send corridors from Spain include Romania, Morocco, Ecuador & Colombia. MoneyGram has more than 11,000 locations throughout Spain providing convenient and reliable money transfer services to this heavily remittance-reliant population.
MoneyGram and Movistar officially launched their alliance today in Spain with a local press event in Madrid with Vicente del Bosque, coach of the Spanish National Football team, as a special guest. The companies marked the occasion with donations of 10,000 euros each given to Proniño, the Telefónica Foundation-supported organization that works to eradicate child labor in Latin America, and to the Spanish Down Syndrome Organization.