JOHANNESBURG and SINGAPORE, Aug. 26, 2020 /PRNewswire/ -- MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced a partnership with leading fintech payment network, Thunes, which will enable MoneyGram's customers to seamlessly send money directly to mobile wallets and bank accounts globally through the MoneyGram platform.
The global partnership will see additional payment services progressively rolled out in two phases. The first will be in Africa where countries such as Kenya, Tanzania and Uganda lead the continent in mobile wallet usage, while the second will focus on the Asia Pacific region and Latin America.
"This partnership marks an important milestone for us. Through this tie-up, Thunes can connect MoneyGram to over 30 markets in Africa, enabling us to significantly expand our reach into the region," said John Gely, Head of MoneyGram Africa. "We are continuously investing in key markets and accelerating digital growth through the integration of mobile wallets and banks, and we believe our partnership with Thunes will further support our strong expansion."
MoneyGram recently reported that account deposit and mobile wallet transactions increased 165% in July, which is an acceleration from the second quarter where the company reported 148% year-over-year transaction growth. This partnership is expected to further support this strong growth globally and further strengthen MoneyGram's leading position in Africa.
"Thunes aspires to bridge the last mile in terms of access to financial services, particularly in emerging markets, and as such, this partnership is a strong fit," said Peter De Caluwe, CEO of Thunes. "Our robust technological capabilities will enable MoneyGram to achieve greater efficiencies which will bring about significant benefits for MoneyGram customers. In working together with MoneyGram, we strive to help them extend their reach worldwide. Beyond Africa, our next step is to facilitate MoneyGram's expansion into Asia and Latin America."
According to the GSMA's 2019 State of the Industry Report on Mobile Money, the mobile money industry is recording astonishing growth with roughly $730 billion global transactions in 2019. The organization reports Africa as one of the fastest growing mobile money transaction continents in the world with an estimated 190 million active wallets.
The COVID-19 outbreak had served to accelerate the trend towards digital payments as people shift away from cash and towards card and contactless payments for health and safety reasons.
"Like MoneyGram, it is important to us that we continue to make essential financial services more inclusive worldwide," said Serigne Dioum, Head of Mobile Money at MTN Group. "MoneyGram's partnership with Thunes is already enabling our customers located across the African continent to receive payments quickly from MoneyGram straight to their mobile phones. This is significant, especially in times where the use of cash has been adversely impacted."
About MoneyGram International, Inc.
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with over 70 countries now digitally enabled.
MoneyGram leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business.
With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.
For more information, please visit MoneyGram.com and follow @MoneyGram
Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai and New York.
For more information, visit www.thunes.com
About MTN Group
Launched in 1994, the MTN Group is a leading emerging markets operator with a clear vision to lead the delivery of a bold new digital world to our 240 million customers in 21 countries in Africa and the Middle East. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code "MTN". We are pursuing our BRIGHT strategy with a major focus on growth in data, fintech and digital businesses.