MoneyGram International (NYSE: MGI), a leading global money transfer company announces it has signed three new agents in Morocco that will offer money transfer services under the MoneyGram name. These agents are Credit Immobilier et Hotelier (CIH), MEA Finance / Canal M and WafaCash.
Credit Immobilier et Hotelier, a mortgage lender, will broaden it services to offer money transfer in 150 locations and will introduce MoneyGram to a new set of customers. MEA Finance / Canal M, an experienced money transfer service provider with branches in immigrant neighborhoods, brings 100 locations to the network and WafaCash, a local bank, will strengthen MoneyGram's network by adding 400 new agent locations across the country. With these new additions, MoneyGram has 2,022 agent locations in Morocco.
"Morocco is an important and growing remittance market for MoneyGram. We are very pleased to enter into new partnerships that not only allow us to meet customer needs by the kinds of services we provide as well as the proximity to where customers work and live, but will strengthen our brand via their established businesses," stated Nigel Lee, MoneyGram executive vice president of Europe, Middle East, Africa and Asia Pacific regions.
According to the World Bank, an estimated $6 billion was sent to Morocco in 2009, landing it in the top 20 remittance markets. Countries that send the most money to Morocco include Spain, Italy, France, the United States and Canada.
MoneyGram also signed five-year renewal agreements with Casablanca-based EuroSol and Quick Money/Efloussy, two money transfer providers that have been agents since 2003. MoneyGram, which has had a presence in Morocco since 1998, has a total of eight agents in Morocco. Other agents are Credit du Maroc, Damane Cash and Cash One.