RIA Financial Services, a wholly owned subsidiary of Euronet Worldwide, has signed a seven-year agreement with Canada-based Cash Store Financial Services, to supply money transfer services across Cash Store Financial’s Canadian network of 523 Cash Store and Instaloans branches. The agreement takes effect September 1, 2010.
Reykdal, chairman and CEO of Cash Store Financial, said: “Cash Store Financial’s partnership with RIA and Euronet will enable us to accelerate expansion of our money transfer customer base and to grow related revenues by providing access to Canadian markets that are restricted under our current money transfer services agreement.
“Our agreement with RIA provides access to a further 90 branches with high levels of remittance traffic and ensures that all future branches will be able to offer money transfer services to our customers.”
Michael Brown, chairman and CEO of Euronet Worldwide, said: “Cash Store Financial’s network of 523 branches offers exceptional reach within the Canadian marketplace, enabling us to further solidify our North American footprint.
“Cash Store Financial already does a substantial number of transfers a month. By adding 90 previously restricted outlets to their money transfer offering, we believe that the upside potential for customer and revenue growth is high for both parties to this agreement.”
Cash Store Financial Services is a broker of short-term advances and a provider of other financial services in Canada.