MoneyGram is expanding its partnership with technology and investment group e&, a move the companies say will let nearly 160 million people use the e& mobile wallet to send money around the world in near-real time.
“As a result of our strategy to invest in our digital network that now extends to over 100 countries, we’re seeing increased demand to access our global platform,” MoneyGram Chairman and CEO Alex Holmes said in a Tuesday (Sept. 20) press release.
“Our collaborative relationship with e& has grown to become one of our strongest and most successful digital partnerships. We’re thrilled to continue to expand our relationship as their preferred partner for cross-border payments across all of the 16 markets in which they operate.”
Founded more than 40 years ago as the first telecom operator in the United Arab Emirates, e& — formerly known as Etisalat Group — has since expanded to more than 16 markets across Africa, Asia and the Middle East.
“International money transfer is a crucial service that enables our customers across our footprint to send and receive money from their families, given the large expat population living in the markets where we operate,” said Mikhail Gerchuk, the company’s CEO.
The companies say their money transfer service is live throughout Saudi Arabia, the United Arab Emirates and Afghanistan. It is expected to launch in Pakistan, Egypt and several other markets in Africa in the next few months.
Read more: MoneyGram, CreditCare Team to Help Unbanked in Philippines, Vietnam, Nigeria
Earlier this month, MoneyGram joined forces with consumer finance company CreditCare to help that company further its expansion into the emerging markets of the Philippines, Vietnam and Nigeria.
San Francisco-based CreditCare offers unbanked people financial products, such as personal loans and remittances.
“The partnership with MoneyGram is a significant milestone in our mission to bring inclusive financial services to users in emerging markets,” a spokesperson for CreditCare Technology said. “We believe financial services should be easy, low-cost and accessible to not just 10% of the population. The CreditCare and MoneyGram partnership provides greater access, security and simplicity for people to remit funds and get access to lines of credit.”
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