Standard Bank Group and MoneyGram Strengthen Bond

MoneyGram, a leading global money transfer company, has extended its relationship with Standard Bank Group. MoneyGram’s services are available at over 500 Standard Bank Group locations in 12 countries in Africa.

On signing the renewal agreement to this week, Pamela H. Patsley, MoneyGram’s chairman, said: “MoneyGram is focused on growing our presence in Africa through strategic relationships with companies like Standard Bank.

“This renewed agreement is a key milestone in our business that will enable us to increase our presence across the continent and provide consumers with fast and secure money transfers. Remittances are a very important part of economic growth and financial inclusion across Africa, and we look forward to supporting the region’s development.”

Sim Tshabalala, Chief Executive of Standard Bank Group, said: “As Africa continues to position itself as an exciting market for growth, the provision of sound, safe and relevant financial services is imperative to ensure that the continent continues its rapid development. Remittances are a vital part of everyday life in Africa and, in many countries, make an important contribution to economic growth and household wellbeing.”

He added: “Standard Bank Group is very pleased to renew our strategic relationship with MoneyGram. We will work together to sustain and strengthen Africa’s financial linkages.”

South Africa is a key driver of economic development across Africa. According to the World Bank, USD1.2-billion in remittances flowed from the country in 2013.

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