MoneyGram Continues to Scale Digital Receive Network with New Account Deposit Service in Venezuela

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Jul 27, 2023, 09:02 ET

Through the Company's partnership with Banesco, one of the largest banks in Venezuela, consumers in the country can now receive money directly to their Banesco bank account in near real-time

Venezuela is one of the Company's largest and fastest growing receive markets as Venezuelan families continue to migrate to countries around the world at rapid speeds

DALLAS, July 27, 2023 /PRNewswire/ -- MoneyGram International, Inc. ("MoneyGram" or the "Company"), a leading global financial technology company that connects the world's communities, today announced a new account deposit service for consumers in Venezuela. Through the Company's partnership with Banesco, one of the largest banks in Venezuela, consumers in the country can now receive money directly to their Banesco bank account in near real-time.

MoneyGram Continues to Scale Digital Receive Network with New Account Deposit Service in Venezuela

"We're proud to have built one of the largest and most reliable digital receive networks in the world, providing our customers access to over 5 billion bank accounts and mobile wallets globally," said Alex Holmes, MoneyGram Chief Executive Officer. "As consumer preference continues to shift online, one of our key strategic priorities is the global expansion of digital receive options. The introduction of this new account deposit service in Venezuela – one of the fastest growing receive markets in the world – is especially exciting as it creates immense value for a customer base that truly relies on our services."

According to the International Monetary Fund (IMF), over 7 million Venezuelans have migrated from the country since 2015. The IMF predicts 1.4 million more people will leave the country by 2025, which would bring the total number of Venezuelan migrants to over 25% of the country's population ten years prior. Many of these migrants have settled across countries in Latin America, North America and Europe, and according to recent MoneyGram consumer survey data, they often prioritize sending money back home to support their loved ones.

"We are thrilled to now offer this new account deposit service in partnership with MoneyGram. Today, as remittances act as a source of income for many households in Venezuela, we recognize the increased importance for safe and secure cross-border money transfers," said Juan Carlos Fonfria, Banesco Vice President of Products, Services and Payment Methods. "By partnering with a trusted organization like MoneyGram with a strong presence across the countries housing Venezuelan migrants, this service will enable direct transfers between Venezuelan families separated around the world."

This service is now live for consumers in Venezuela.

About MoneyGram
MoneyGram International, Inc. is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. Through its expansive set of fintech offerings, MoneyGram provides millions of consumers annually the ability to seamlessly send money home to family and friends and buy, sell and hold cryptocurrencies on its industry-leading app. The Company's innovative cross-border platform enables its customers to send funds directly into bank accounts and mobile wallets or cash-in and cash-out more than 135 currencies and numerous cryptocurrencies through one of the largest cash distribution networks in the world. Modern, mobile and API-driven, MoneyGram's white-labeled remittance service also provides some of the world's top brands and organizations the ability to disburse funds directly to their consumer clients. Based in Dallas and known for its strong corporate culture globally, MoneyGram has been named a recipient of the Top Workplaces USA award for two consecutive years, an honor based entirely on employee feedback.

MoneyGram Media Contact
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SOURCE MoneyGram