BWI: Axis Bank to Provide MoneyGram International Remittance Services

Press release from Business Wire India
Source: MoneyGram International
Thursday, December 23, 2010 04:34 PM IST (11:04 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Retailers
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Axis Bank to Provide MoneyGram International Remittance Services
Bank adds 1,100 locations to MoneyGram network

Mumbai, Maharashtra, India, Thursday, December 23, 2010 -- (Business Wire India) -- MoneyGram International, a global leader in the money transfer industry, has added Axis Bank as a new agent. The bank joined MoneyGram's international agent network through super-agent UAE Exchange. Axis Bank will offer MoneyGram's money transfer services at 1,100 locations across the country.

"MoneyGram is excited to have Axis Bank offering our services and we are especially pleased that they will be introducing MoneyGram in areas - rural and urban - in which we've had limited presence," said Harsh Lambah, regional director for MoneyGram. "Axis is a trusted institution and we know we will have a successful relationship in providing money transfers, a much relied upon service in India."

MoneyGram entered the Indian market over 10 years ago and through its ongoing partnerships with banking institutions has grown its network significantly throughout the country. MoneyGram's presence in the region provides an important service to the more than 25 million non-resident Indians who continue to have links to India.

Mr. Sameer Nemavarkar, head of Retail Forex and Remittances, Axis Bank said, "India, the largest remittance receiving country in the world, received inward remittances of more than USD 50 billion in the year 2009, according to the World Bank. Axis Bank is focussed on growing this business and strives to offer solutions for cross-border money transfers. Our tie up with MoneyGram will enable us to offer an instant money transfer solution to all remitters abroad and beneficiaries in India. It is not necessary for senders or receivers to be Axis Bank account holders."

George Anthony, country Head for UAE Exchange said, "MoneyGram is a key partner of ours in the remittance business and we trust that our success in meeting consumer needs will continue with Axis Bank."

To receive money via MoneyGram in India, the recipient can simply walk into any MoneyGram agent location, such as Axis Bank, complete a simple Receive Form and show a photo identification to receive funds, subject to agent availability and hours of operation.

About MoneyGram International

MoneyGram International, a leading global 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 and bill payment services in the United States through a global network of more than 207,000 agent locations-including retailers, international post offices and financial institutions-in more than 190 countries and territories around the world. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com or connect with us on Facebook.


CONTACT DETAILS
Gautam Kalro, Regional Manager - South & West India,Sri Lanka & Maldives, MoneyGram International, +91 (22) 67619500, gkalro@moneygram.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, RETAIL

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