MoneyGram Expands Mobile Wallet Capabilities and Leading Position in Africa with New Strategic Partnerships

Rhea-AI Summary

MoneyGram International (NASDAQ: MGI) announced four new partnerships with Airtel, Thunes, InTouch, and MFS Africa, expanding its access to mobile wallets in 28 African markets. This collaboration aims to enhance digital growth amid a surge in mobile money adoption, with services starting soon. The company reported a 165% increase in global account deposit and mobile wallet transactions in July, building on 148% year-over-year growth in the second quarter. These partnerships are pivotal for accelerating MoneyGram's digital transformation and expanding its footprint in the rapidly growing African market.

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• Partnerships with Airtel, Thunes, InTouch, and MFS Africa increase access to mobile wallets in 28 African markets.
• 165% increase in global account deposit and mobile wallet transactions in July, indicating strong growth.

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DALLAS, Aug. 24, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced four mobile wallet and fintech partnerships that give the Company access to mobile wallets in 28 markets in Africa, creating the largest footprint in the industry. As mobile money adoption rapidly grows in Africa, these new partnerships with Airtel, Thunes, InTouch and MFS Africa will help drive strong digital growth as the Company continues to execute its customer-centric digital transformation.

• Airtel, a leading provider of telecommunication and mobile money services, has a presence in 14 countries across Africa and over 19 million customers alone. Through this collaboration, customers will be able to receive funds from around the world, access the money immediately, transfer to other individuals, or convert to cash at many available branches, kiosks and agents.
• Thunes, InTouch and MFS Africa, prominent fintech payment providers, are platforms that bridge the gap between the rapidly growing mobile money ecosystem in Africa and global online digital payments. The reach of the three providers will enable MoneyGram to quickly and significantly expand its coverage across the continent.

Services at Thunes and InTouch begin as early as this week, while the partnerships with Airtel and MFS Africa will go live in the next few months. 

"Our digital business has seen amazing growth over the past several years, and these new partnerships are important milestones as we execute our strategy to accelerate digital growth by expanding access to mobile wallet capabilities," said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company's digital business. "Customer demand for mobile wallets has increased significantly over the last few years and with the onset of the global pandemic, the launch of these strategic partnerships is more important than ever."

According to the GSMA's 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organization reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.

"Africa is seeing significant growth in mobile money adoption across the continent, and we're excited to partner with Airtel, Thunes, InTouch and MFS Africa to further support our collective goals to mobilize the movement of money," said Grant Lines, MoneyGram Chief Revenue Officer. "We continue to execute our plan to overhaul major receive markets, and I look forward to building upon our strong momentum in Africa through these new partnerships."

MoneyGram recently reported that its global account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the Company reported 148% year-over-year transaction growth. These partnerships are expected to further support this strong growth.

About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.

MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.

With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.

For more information, please visit MoneyGram.com and follow @MoneyGram

Media Contact:
Stephen Reiff
Media@MoneyGram.com

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SOURCE MoneyGram

FAQ

What new partnerships did MoneyGram announce for Africa in August 2020?

MoneyGram announced partnerships with Airtel, Thunes, InTouch, and MFS Africa, expanding mobile wallet access in 28 African markets.

How much did MoneyGram's global mobile wallet transactions increase in July 2020?

MoneyGram's global account deposit and mobile wallet transactions increased by 165% in July 2020.

What is the significance of MoneyGram's partnerships in relation to mobile money adoption in Africa?

These partnerships are significant as they align with the rapid growth of mobile money adoption in Africa, aiming to enhance digital transfer capabilities.

When will the services from the new MoneyGram partnerships in Africa start?

Services with Thunes and InTouch will begin immediately, while partnerships with Airtel and MFS Africa will go live in the coming months.