Global payment service firm Western Union (WU) has entered into a five-year agreement with Bancoppel, a financial and retail services company in Mexico, to offer its money transfer services in the country.
Under the terms of the deal, WU money transfer services will initially be made available in stages across select locations and later through approximately 1,000 Bancoppel branches across the country.
Western Union Americas president Odilon Almeida said that the agreement will further reinforce its presence in Mexico and is a part of strategy to expand in the country through existing and new agent relationships.
Bancoppel CEO Julio Carranza said that the company is firm to offer an array of financial products and services to cater their needs to financial underserved population.
"This approach is why our relationship with Western Union will help give our mutual customers more options, and the high quality service, that helps fulfill their financial services needs," Carranza added.
WU, in collaboration with its Orlandi Valuta and Vigo brands, connects consumers in Mexico to over 510,000 Agent locations throughout 200 nations and regions.
Bancoppel operates as a banking subsidiary of Grupo Coppel, which serves a customer base of 22 million of which 9.7 million are credit active.