The agreement subsequently boosts MoneyGram’s footprint in Bolivia and expands its money transfer services to nearly 600 locations in the country.
In the beginning of this month, all the 30 branches of Banco Ganadero bank have already started offering the service, the firm said.
MoneyGram regional director of South America Agustin Perez-Andrade said, "This new agreement expands MoneyGram’s network in Bolivia and solidifies our position as the leading provider of international remittances in Bolivia."
According to a study, Bolivia is an active send and receives remittance market, with transfers to the country primarily originating from Argentina, Brazil, Chile, Spain and the US.
Banco Ganadero chief financial officer Adolfo Guzman said, "There is great demand among our customers for international remittances. With MoneyGram’s vast global network, we will be able to significantly expand our ability to meet their financial needs."
MoneyGram caters money transfer services globally and bill payment services in the US and Canada through a global network of more than 284,000 agent locations comprising retailers, international post offices and financial institutions.
