Based on the agreement, MGI will offer services in collaboration with Asia Green Development (AGD) Bank, Myanmar Citizens Bank (MCB) and Tun Foundation Bank (TFB).
MoneyGram APAC, South Asia and Middle East senior vice president Grant Lines said, "Our money transfer services will be offered in 10 of Myanmar’s 14 states, giving consumers access to affordable remittances.
"It’s an important step for MoneyGram as we increase our global footprint and make our services available to more customers worldwide."
The people of Myanmar can now send and receive money from friends and family through these three lenders, which have operations spread across the country.
A World Bank study highlights there were over 510,000 Myanmar immigrants residing in foreign countries in 2010 and nearly 2 million former Myanmar residents now work in Thailand, Singapore, Japan, Australia and the US.
The company said that the introduction of money transfer services at these banks will allow Myanmar customers to receive funds from approximately 80 nations, including Canada, Japan, Malaysia, Singapore, Thailand, UAE, and the UK.
MoneyGram delivers money transfer services through a global network of 327,000 agent locations, including retailers, international post offices and financial institutions across 200 nations and regions.
