US-based MoneyGram International has extended its money transfer services to the Eastern Europe's second-largest send and receive remittance market, Bosnia and Herzegovina, by setting a partnership with private bank Nova.

As per the agreement embarked, Nova Bank customers can send and receive international money transfers at more than 40 of the bank’s branches located in rural and urban Bosnia through MoneyGram’s global network.

Bosnia and Herzegovina receives money transfers from Austria, Germany, Switzerland and the US, with 12th proportion of its population living abroad, according to a World Bank report.

Nova Bank marketing manager Dragana Tatic said the relationship reinforces the bank’s existing remittance operations and further meets the needs of its clients.

"Nova Bank is confident that working with MoneyGram will be mutually beneficial, and provide good service to the users of remittance payments in Bosnia," Tatic added.

MoneyGram provides bill payment services in the US and Canada and money transfer services globally through a global network of more than 284,000 agent locations including retailers, international post offices and financial institutions in 196 geographies and territories.

Established in 1999, Nova Bank operates as one of the first private banks in Bosnia and Herzegovina.