MoneyGram International, global specialists in cross-border P2P payments and money transfers, has announced a strategic partnership with Al Rajhi Bank
In partnering with the largest global Islamic bank, the firm will provide money transfer services in Saudi Arabia, covering both digital and walk-in channels as well enabling strong customer growth in one of the world’s largest remittance markets.
Grant Lines, MoneyGram Chief Revenue Officer commented: “This partnership is an important milestone that capitalises on recent strategic investments in major receive markets. Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few.
“All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
According to the World Bank, Saudi Arabia is home to over 11 million immigrants who send about $33.6 billion in remittances, making it the second-largest country for outbound flows. As one of the most innovative banks in Saudi Arabia, Al Rajhi Bank continues to integrate the latest technologies to provide customers with multiple options to send money. MoneyGram will work with Al Rajhi Bank to provide customers with multiple payout services including cash, account deposit and digital wallet capabilities.
Abdullah Al-Furaiji, Al Rajhi Bank Head of Remittance and Exchange Business added: “Al Rajhi Bank is the market leader in the Kingdom, and customer-centricity is at the heart of all we do. Our alliance with MoneyGram will help our esteemed customers transfer their hard-earned money with ease and convenience to over 200 countries and territories.”
Ahmed Aly, Head of Middle East for MoneyGram concluded on the deal: “MoneyGram is delighted to partner with Al Rajhi Bank – a bank with the leading digital and physical remittance network in Saudi Arabia. Our teams are highly engaged to drive customer acquisition in this exciting market. Al Rajhi Bank utilised our API-driven infrastructure to enable a quick and seamless integration.”
