MoneyGram (NASDAQ : MGI), one of the world’s leading money transfer services with over 20,000 branches in Africa, has emphasized its confidence in the Liberian financial sector and reiterated its interest in supporting the financial inclusion agenda of Liberia. MoneyGram is one of the top two international money transfer institutions in Liberia; with its windows at all commercial banks and key business outlets across the country.
A statement issued by the company Monday announced that Mr. Francois Peyret, MoneyGram International’s Regional Director for North &West Africa, is undertaking a working tour of Liberia to beef up its business platform in the country. Mr. Peyret’s visit to Liberia today marks what could be the first senior executive visit to the country by a major global financial institution.
Whilst in Liberia, Mr. Peyret will hold high-level business development discussions with CEOs and executives of key players in the financial sector and inaugurate the Monrovia Mini-Van Branding Project of MoneyGram.
Mr. Kunle Olamuyiwa, the regional operations manager for Anglophone West Africa, and Mrs. Kemi Okusanya, regional business development manager Anglophone West Africa, will accompany Mr. Peyret on the tour. Both executives are members of the MoneyGram North &West African team.
On the future of the brand in Liberia, Francois Peyret noted: “Our ambition is to double our network of MoneyGram points of sale in Liberia in the next five years and become the dominant preferred choice for money transfer. To achieve this we shall continue to work with our partners to aggressively offer the best proposition and price to Liberians around the world. We shall continue to be a good corporate citizen, adhering to international best practice on compliance and service quality. We shall innovate and support the Central Bank and the Finance Ministry’s agenda of bringing more Liberians into the financial sector. To achieve this, we are seriously considering introducing our mobile solutions in Liberia that would allow mobile phones to send and receive transactions. As we all know mobile phone penetration exceeds back account penetration by a factor of approx. 1:5 and we intend to leverage this.”
MoneyGram offers over-the counter money transfer services in Liberia through its agent partners namely: International Bank, FIBank, LBDI, UBA, Ecobank, Global Bank, GT Bank &Afriland First Bank.
Through these agents MoneyGram is now available all over Liberia, in almost 100 locations. From inception to date, MoneyGram International announced that it has undertaken over 2,000,000 transactions valued at over US$500 million, which is a direct cash flow into the Liberian economy.
According to MoneyGram, the service is a critical lifeline, allowing Liberians in the Diaspora— especially in the United States— to send money home to loved ones for upkeep, healthcare and education.
MoneyGram disclosed that it has invested over a million United Sates dollars in the last five years to market its proposition in Liberia. “Efforts here more recently,” the company added “have included donations of school items-notebooks, waste bins, cash awards, etc. to various high schools and universities valued at over US$50,000.”
There has also been a donation of logistics materials to the Monrovia City Corporation in 2010 in addition to various consumer reward schemes like the recently ended Double-Double promo (where lucky customers got their transactions doubled).
The brand is currently reputed to be the most popular money transfer in Liberia, with the best price offer in the market, starting at only US$2.00 for sends out of Liberia.
MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions, to meet their financial needs. MoneyGram offers money transfer services worldwide through a global network of 327,000 agent locations — including retailers, international post offices and financial institutions — in 200 countries and territories. MoneyGram also offers bill payment services in the United States and Canada.