Agreement With Garagum Bank Opens Country to Competitive Money Transfer Services
DALLAS, Texas (June 23, 2015) (GLOBE NEWSWIRE) — MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer services, announces today that it is expanding its worldwide network to Turkmenistan, reaching consumers in the country for the first time through an agreement with Garagum Bank.
“MoneyGram’s debut in Turkmenistan is an important achievement that strategically positions the company to reach previously underserved consumers,” says Grant Lines, MoneyGram’s executive vice president, business development. “We are excited to work with Garagum Bank to provide consumers with quick and secure money transfers to friends and family across the globe.”
The launch of MoneyGram’s operations in Turkmenistan provides the foundation for an improved money transfer system in the country. This is especially important for athletes and visitors coming to Turkmenistan in connection with the 5th Asian Indoor and Martial Arts Games in 2017.
“MoneyGram’s operations in Turkmenistan will result in significant savings for Turkmen consumers,” says Yevgeny V. Butyugin, senior regional director for CIS countries. “It will also provide increased access to locations for sending and receiving money in a reliable and secure manner.”
As MoneyGram rolls out its services with Garagum Bank, it will also pursue continued expansion throughout the country in an effort to reach the growing number of consumers relying on money transfers for their everyday financial needs.
Funds sent through MoneyGram money transfer services are typically ready to collect at any of the company’s nearly 350,000 locations within minutes upon sending, subject to agent operating hours, availability, and local laws and regulations.
Turkmenistan has one of the world’s fastest-growing rates of economic growth and a population of about five million. Russia is the largest money transfer corridor for the country, with about $41 million (USD) sent to the Russian Federation and $40 million (USD) received from the Russian Federation in 2013, according to the World Bank. Other primary remittance corridors include Germany, Turkey and the United Arab Emirates.
About MoneyGram Inc.
MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
CONTACT: Media Contact: