DALLAS, May 3, 2016 /PRNewswire/ -- As part of its
continued commitment to making money transfers easier for
customers, MoneyGram (NASDAQ: MGI) has signed an agreement
with Millicom, the parent company of Tigo Money, to launch mobile
cash receive services into more than 1 million Tigo Money mobile
wallets in El Salvador.
Tigo Money is one of the leading providers of mobile financial
services for customers in Latin
America. Tigo's service allows millions of customers to send
and receive money domestically, and receive money internationally.
Tigo customers can also pay bills, transfer money between people
and businesses, use self-top ups, and make merchant
payments.
"We're excited about the opportunity to expand our reach
to mobile money accounts in Central
America through the partnership with Tigo Money,"
says Alex Hoffmann, MoneyGram's executive vice president of
Global Product. "Remittances are an important part of economic
development and financial inclusion in the region, and we are
thrilled to offer our customers an easy and convenient way to
receive funds they depend on from family and friends around the
globe."
Mobile money plays a key role in creating financial inclusion in
El Salvador. According to the
World Bank, mobile wallets have helped the country to nearly triple
the percentage of adults with financial accounts in the last five
years. It is estimated that five percent of adults in the country
have a mobile money account which represents the highest
penetration rate in Latin America.
"Millicom and MoneyGram have a shared goal to increase financial
inclusion for those who may not be able to easily utilize
traditional bank accounts through innovative, easy and secure
mobile financial services which are available in the palm of your
hand," said Ronald Alvarenga, mobile
financial services director at Tigo Money's parent company
Millicom. "We are excited about the opportunity to work with
MoneyGram as we continue to find new ways to help our customers
reduce their need to carry cash and increase their access to
convenient and reliable financial products and services."
Tigo Money has over 4 million mobile money wallets across Latin
America. The new agreement between MoneyGram and Millicom
includes all of Tigo's markets in Central and South America. Services are expected to soon
be available in other countries such as Honduras, Guatemala, Bolivia, Colombia and Paraguay.
According to the World Bank, $4.3
billion flowed into El
Salvador via remittances in 2015, that's nearly 17 percent
of the country's gross domestic product.
#moneygramnews
About MoneyGram International, Inc.
MoneyGram is a
global provider of innovative money transfer and payment 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 Inc. is available at moneygram.com.
Media Contact:
Michelle
Buckalew
media@moneygram.com
214-979-1418
www.moneygram.com
www.millicom.com
About Millicom / Tigo
Tigo is the principle commercial brand of Millicom, the
telecommunications and media company founded in 1990 that is
uniquely focused on 13 emerging and frontier markets.
Tigo operates where there is fast GDP growth, a high proportion
of young people and huge opportunities for the adoption of what we
call the digital lifestyle. Tigo's eight Latin American markets
account for 90% of Millicom's revenues. These are Colombia, Paraguay, Bolivia, El
Salvador, Nicaragua,
Guatemala, Costa Rica and Honduras.
Through Tigo, Millicom sets the pace when it comes to providing
innovative and customer-centric digital lifestyle services. These
include mobile money services, a fast growing business solutions
hub, as well as market leading platforms for digital entertainment
and music streaming.
Worldwide, the Tigo brand provides mobile services to more than
62 million customers, passes over seven million homes in cable, and
is a global leader in mobile financial services which enable
financial inclusion for more than ten million active users.
TIGO Mobile Financial Services
Tigo is one of the global leaders in mobile financial services
and its partnerships with money transfer operators offer a
convenient, safe, fast and cost-efficient way for customers abroad
to send funds directly to Tigo m-wallets. Tigo Money LATAM has 4
million active Mobile Money users and over 11,000 Mobile Money
agents.
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SOURCE MoneyGram