MoneyGram International has added Cyprus Post and Post Cape Verde as new agents in its growing list of global post office networks. With these new post offices, MoneyGram doubled its agent locations for the island countries of Cyprus and Cape Verde.
According to the 2008 World Bank estimates, MoneyGram’s agent network in Cyprus and Cape Verde serve countries that combine for approximately $1 billion in money transfer flows.
John Hempsey, chief executive officer of MoneyGram International, said: “MoneyGram has long standing relationships with some of the world’s largest post offices. Country by country, post office locations are close to every household, providing convenient access to money transfer services. While Cape Verde and Cyprus have different needs, post office locations have proven to be preferred by money transfer customers.”
“In Cyprus, we expect send services to be in high demand. Cape Verde, however, will primarily provide receive services as remittances produce nearly 10% of the country’s gross domestic product. Overall, our customers prefer post office locations as trusted, community institutions that provide affordable, reliable and convenient money transfer services close to their home.”
