MoneyGram International (NYSE:MGI), a leading global money transfer company, and Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA*; Latibex: XEKT), Latin America's leading financial services company and specialty retailer, announced today that the companies have entered into a multi-year money transfer agreement in Mexico, adding Grupo Elektra's more than 1,800 locations and points of sale to MoneyGram's local network.
MoneyGram's services were immediately rolled-out at the Mexico locations and are available now.
MoneyGram and Grupo Elektra already offer money transfer services together in five other countries throughout Latin America. The addition of Mexico builds on this strong relationship and strengthens MoneyGram's position in the U.S.-to-Mexico market, increasing the company's network in Mexico by more than 10 percent.
"Grupo Elektra is an incredibly well-known and respected brand in Mexico and in the U.S.," said Dan O'Malley, MoneyGram's executive vice president for the Americas and Emerging Markets. "This new agreement strengthens our position in the Mexico market and builds on our recent momentum in the region.
MoneyGram noted its U.S.-to-Mexico transaction volume continues to grow, with nine consecutive quarters of transaction volume growth, including 15 percent year-over-year growth in the fourth quarter of 2011.