Safaricom, First Bank ties expand MoneyGram’s African reach

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MoneyGram says its recent agreement with Safaricom of Kenya will now enable consumers in over 90 countries outside the country to send funds directly to nearly 20 million customers of M-PESA.

MoneyGram, a leading money transfer service says the Kenyan pact that enables consumers to have access to its services in more than 50 African countries comes after a series of recent successes across the continent including Nigeria.

According to MoneyGram, the company has signed an agreement with First Bank of Nigeria’s subsidiaries in Ghana, Sierra Leone, and the Gambia, and also renewed a master agreement with Standard Bank Group, one of Africa’s top banks. MoneyGram’s services are available at over 500 Standard Bank locations in South Africa and across 11 Southern and Eastern African countries, the company says.

MoneyGram says its agent network in Africa has now reached 25,000 locations which also counts recent technology advances and new agent and sub-agent signings, “including an agreement with the Mauritius Post Office to offer money transfer services at more than 100 locations, have contributed to achieving this company milestone.”

According to the company, “MoneyGram continues to grow throughout Africa as a result of forming strategic relationships with reputable companies, including banks, post offices and retailers, to bring added convenience and more choices for our customers,” says Herve Chomel, MoneyGram’s vice president of Africa. “Remittances are an important part of economic development and financial inclusion throughout the region and are integral to providing household essentials, education and healthcare in many countries. We are excited to be a part of the region’s growth.”

MoneyGram says it is also implementing self-service channels to make it more convenient for consumers living in Africa or abroad to obtain needed funds.

The company’s recent agreement with Safaricom that enables consumers in over 90 countries outside Kenya to send funds directly to nearly 20 million customers of M-PESA, Kenya’s leading mobile wallet provider, also ties into this innovation plan, the company says.