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MoneyGram and Standard Bank renew vows

Sim Tshabalala (left) CEO of Standard Bank South Africa, with Pamela Patsley, CEO of MoneyGram, after renewing an extensive agreement for Standard Bank to use MoneyGram’s trading platform for transferring funds where conventional banking channels are weak.

Sim Tshabalala (left) CEO of Standard Bank South Africa, with Pamela Patsley, CEO of MoneyGram, after renewing an extensive agreement for Standard Bank to use MoneyGram’s trading platform for transferring funds where conventional banking channels are weak.

MoneyGram, a leading global money transfer company, has extended its relationship with Standard Bank, Africa’s leading financial services organisation by assets. MoneyGram’s services are available at more than 500 Standard Bank locations in South Africa and across 11 Southern and Eastern African countries. The transfer service is also available across Namibia through Standard Bank Namibia.
The agreement was signed on Thursday 6 November during an event at Standard Bank’s offices in Rosebank, Johannesburg, by Pamela H. Patsley, MoneyGram’s Chairperson and CEO, and Sim Tshabalala, Group Chief Executive of Standard Bank Group.
“MoneyGram is focused on growing our presence in Africa through strategic relationships with companies like Standard Bank,” said Patsley. “This renewed agreement is a key milestone in our business that will enable us to increase our presence across the continent and provide consumers with fast and secure money transfers. Remittances are a very important part of economic growth and financial inclusion across Africa, and we look forward to supporting the region’s development.”

“As Africa continues to position itself as an exciting market for growth, the provision of sound, safe and relevant financial services is imperative to ensure that the continent continues its rapid development. Remittances are a vital part of everyday life in Africa and, in many countries, make an important contribution to economic growth and household well- being. Standard Bank is very pleased to renew our strategic relationship with MoneyGram. We will work together to sustain and strengthen Africa’s financial linkages,” said Tshabalala. MoneyGram sees South Africa as a key driver of economic development across Africa, citing a World Bank statistics indicating US$1.2 billion in remittances flowed from the country in 2013.

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