MoneyGram International Grows Post Office Relationships as Cyprus Post and Post Cape Verde Join Agent Network





New post office locations doubled agent network in Cyprus, Cape Verde



MINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International (NYSE:MGI), a leading global money transfer provider, today announced the addition of Cyprus Post and Post Cape Verde as new agents in its growing list of global post office networks. With these new post offices, MoneyGram doubled its agent locations for the island countries of Cyprus and Cape Verde.



“MoneyGram has long standing relationships with some of the world’s largest post offices,” said John Hempsey, chief executive officer of MoneyGram International Limited. “Country by country, post office locations are close to every household, providing convenient access to money transfer services.”



MoneyGram’s agent network in Cyprus and Cape Verde serve countries that combine for approximately $1 billion in money transfer flows, according to the 2008 World Bank estimates.



“While Cape Verde and Cyprus have different needs, post office locations have proven to be preferred by money transfer customers,” Hempsey added. “In Cyprus, we expect send services to be in high demand. Cape Verde, however, will primarily provide receive services as remittances produce nearly 10 percent of the country’s gross domestic product. Overall, our customers prefer post office locations as trusted, community institutions that provide affordable, reliable and convenient money transfer services close to their home.”



MoneyGram’s largest post office agent networks are in the United Kingdom, Italy, the Ukraine, Canada, Poland and Jamaica. Kenya Post also added MoneyGram money transfer services to its locations earlier this year.



About MoneyGram International



MoneyGram International offers more control and more choices to people separated from family and friends by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 186,000 agent locations in 190 countries and territories. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com.

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