MoneyGram and India Post Increase Number of Money Transfer Locations in World’s Largest Inward Remittance Market

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MoneyGram and India Post Increase Number of Money Transfer Locations in

London (April 11, 2012) - MoneyGram International (NYSE: MGI), a leading global money transfer company, and India Post, the largest distribution postal network in the world, today announced that the number of India Post outlets that provide money transfer services has expanded to more than 1,200 locations across the country from the initial 100 locations in November.

 

Harsh Lambah, MoneyGram senior regional director for South Asia, who was in London for a press conference, also addressed the importance of postal networks as part of MoneyGram's global distribution strategy, and plans for the continued expected roll-out of up to 5,000 India Post locations by 2014 in urban and rural areas of the country.

The India Post serves a very important role in facilitating the distribution of funds in a country where less than 50 percent of the population has a bank account. According to the World Bank, India is the world's largest inward remittance market, with $53.1 billion in incoming remittances last year.
"A key direction of MoneyGram's growth strategy is to get closer to our customers where they live and work," said Lambah. "Our relationship with India Post, and the planned growth of MoneyGram's presence in India Post locations, is a clear sign of the value that the two organizations bring to businesses and consumers across the country."
 

The joint relationship and networks is expected to increase transactions from key remitter countries, including the United Kingdom, Ireland, the United States, the United Arab Emirates, Canada, Australia and Saudi Arabia. MoneyGram also offers services through postal systems in Canada, Jamaica, Kazakhstan, Kenya, Italy, Poland, Ukraine, Moldova and the United Kingdom.
 

Mark Perryman, MoneyGram's senior regional director for the UK, Ireland & the Nordics, who also presented at the news conference, noted that the relationship with India Post will be instantly relatable to consumers based in the UK "MoneyGram customers in the UK are already accustomed to going into their local Post Office to send money. Now their families in India can have a similar experience."
India Post and MoneyGram have planned joint marketing initiatives in several Indian states to support the expansion of the service. Currently and through April while supplies last, consumers who collect a MoneyGram transaction at a location of India Post will receive a free
alarm clock.

About MoneyGram

MoneyGram International, 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 more than 267,000 agent locations - including retailers, post offices and financial institutions - in 192 countries and territories. In the UK, MoneyGram agent partners include Post Office, Thomas Cook, Going Places, Cheque Exchange Limited, MTI, Speedy Cash. EzRemit, UAE Exchange, NCB, and many independent businesses. To learn more about money transfer at an agent location or online, please visit www.moneygram.com or connect with us on Facebook.

About India Post

The Indian Post Office, in the present form, has completed 157 years of existence. Since its inception, it has undergone continuous transformation according to the needs of its citizens. A network of 155,000

Post Offices in the country, the largest in the world, of which more than 139,000 are in rural areas, is indicative of its commitment of providing basic postal facilities throughout the country at an affordable price. It also provides various financial services like small savings instruments under Post Office Savings Bank and Money Remittance, both domestic and international.

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