MoneyGram adds Near East Bank to network

Source: MoneyGram

International (NYSE:MGI), a leading global money transfer company, announced today the addition of Near East Bank to its network in North Cyprus.

With the addition of the bank's 10 locations, consumers now have 32 convenient MoneyGram locations in North Cyprus to send or receive money.

According to the World Bank, Cyprus sends approximately $2 billion USD annually in remittances to countries such as Pakistan and Bulgaria, which ranks it among the top 25 countries for sending funds as a percentage of its GDP.

"People living, working and going to university in Cyprus rely on MoneyGram's network to send vital funds to family and friends and in their native countries," said Massimo Canovi, MoneyGram vice president for Greece, Italy, Cyprus and the Balkans. "MoneyGram understands this reality and is growing our network on both sides of the transaction to make access to our money transfer service as readily available and convenient as possible for our customers. Near East Bank will help us make this happen."

Near East Bank is a respected financial institution in North Cyprus, with a strong affiliation with the area's largest university - Near East University.

"The services MoneyGram provides are important and necessary, particularly to people living and working in North Cyprus. We are excited to become an Agent and part of the global MoneyGram network to offer our customers and the people of North Cyprus these money transfer services at our bank locations," said Kozan Karakurt, Assistant General Manager, Near East Bank. 

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