Commenting on the agreement, MoneyGram chairman and CEO Pamela Patsley said, "Signing such an important agreement is integral to serving our customers’ needs in Italy, and brings them closer to their friends and family across the globe."
Under the terms of the agreement, the Italian Post Office will offer MoneyGram’s money transfer services at its more than 9000 offices in the country.
Serving approximately 37 million clients across Italy, Poste Italiane offers postal, financial, insurance and mobile telephony services to individuals, private corporations and public authorities.
Poste Italiane CEO Massimo Sarmi commented, "Today’s signing allows us to offer to our customers that send money abroad a more effective and convenient financial service."
Over €6.8bn in remittances were made in 2012 and people residing in Italy primarily send funds to to China, Philippines, Romania, Senegal, Morocco, Poland, India and Albania, as per a research report by Bancad’Italia.
Besides Italy, MoneyGram has relationships with postal services in the UK, Canada and the Netherlands.
MoneyGram delivers money transfer services through an international network of 327,000 agent locations, encompassing retailers, international post offices and financial institutions across 200 nations and regions.
