Guillaume Dewael of MoneyGram and FNB CEO Michael Jordaan

Global money transfer company MoneyGram has officially signed on First National BANK (FNB) in South Africa.

South Africa is the third largest recipient of African migrants in the world, estimated at 1,86m individuals. Close to 900 000 South Africans have also left their country of birth and then send money back to their families. Almost 50% of all remittance users remit funds once a month.

MoneyGram says the new partnership brings the number of agents in South Africa to 3 and total network of around 976 locations, doubling its current footprint in South Africa.

Plans are already in place to develop three additional channels for the service, starting with mobile, ATMs and then online. The mobile channel is expected to be ready within the next two months.

“MoneyGram International is excited to officially launch the FNB MoneyGram service. This will afford MoneyGram customers in South Africa an opportunity to either send or receive their remittances through all FNB locations, giving them increased convenience of a large agent network”, said Guillaume Dewael, MoneyGram VP for France-Africa-Benelux.

“Whilst we are certainly not the first bank to offer remittances such as MoneyGram, we do believe that we have enhanced the customer experience to making it quick, easier and more affordable for FNB customers in both customer facing and electronic channels,” said Michael Jordaan, CEO of FNB.

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