MoneyGram International, a global money transfer company, and Saudi Arabia’s National Commercial Bank (NCB), have joined to offer MoneyGram’s international money transfer service at NCB’s 1,400 ATM locations.
According to the World Bank, Saudi Arabia saw remittances grow to more than $17 billion. In addition to the fact that 27% of Saudi Arabia’s population is foreign born, the demand for money transfer services is also driven by the growing number of Saudis studying, traveling and working abroad.
Anthony Ryan, President and CEO, MoneyGram International, said: “Saudi Arabia is the second largest send market in the world behind the United States, and our alliance with a premier financial institution like National Commercial Bank represents a significant opportunity for MoneyGram’s expansion plans in the Middle East.”
Alasharif Khalid Alghalib, Senior Executive Vice President and Head of the Individual Banking Sector, NCB, said: “With our partner, we have removed the inconvenience of standing in line during office hours and are providing expatriate clients a service that is secure and quick; but above all, flexible and tailored to meet their needs.
