MoneyGram has added 4,200 new locations to its network in India through partnership with Bank of Baroda, Axis Bank and Vijaya Bank. Including these new agent locations, MoneyGram has over 30,000 locations throughout India.
Bank of Baroda, which offers MoneyGram money transfer services at 2,000 locations, was signed to MoneyGram’s agent network under super-agent UAE Exchange.
MoneyGram said Axis Bank has introduced its services into 1,100 new locations in rural and urban areas. Key states of operation are Goa, Kerala, Maharashtra and Punjab. Axis Bank is signed as a sub-agent of UAE Exchange.
Vijaya Bank, with operations in all 28 Indian states, strengthens MoneyGram’s presence, particularly in the states of Karnataka and Andhra Pradesh in South India. The bank introduced MoneyGram services in 1,100 branch locations. It joined the network through super-agents UAE Exchange and Thomas Cook.
MoneyGram executive vice president of Europe, Middle East, Africa and Asia Pacific Nigel Lee said according to the World Bank, India is the number-one remittance country in the world, taking in nearly $50bn a year. It goes without saying that this is an important market for MoneyGram.
"We are convinced that the agent relationships with Axis, Baroda and Vijaya banks will be successful in meeting customer needs and growing our presence in the region," Lee said.