Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Thursday it has formed a new partnership with Saudi Arabia-based Al Rajhi Bank. MoneyGram revealed it joined forces with Al Rajhi Bank to provide money transfer services in Saudi Arabia and covers both digital as well as walk-in channels and will enable customer growth.
Grant Lines, MoneyGram Chief Revenue Officer, spoke about the partnership by stating it is an important milestone that “capitalizes” on recent strategic investments in major receive markets.
“Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
The partnership with Al Rajhi Bank news comes on the heels of Western Union reportedly looking to purchase MoneyGram. As previously reported, Western Union has made an offer to take over MoneyGram, which has notably been in decline as more consumers are continuing to use online payments. The media outlet further revealed that MoneyGram has also been struggling through the COVID-19 pandemic.
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.
“MoneyGram also offers bill payment services, issues money orders and processes official checks in select markets. The company is committed to providing affordable, reliable, secure and convenient payment services to consumers around the world.”