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MoneyGram, Oschadbank agree to offer money transfer services in Ukraine

US-based MoneyGram International has partnered with Ukraine-based Oschadbank to help expand money transfer services in Ukraine and CIS region.

The agreement covers 2,150 Oschadbank locations and helps in expanding MoneyGram’s agent network in Ukraine by 20% and increases the accessibility of money transfer services to more than 13,200 locations including major banks and UkrPost.

The new service has been launched in all Oschadbank’s locations.

Oschadbank’s deputy Chairman Anton Tutun said that working with MoneyGram gives Oschadbank the opportunity to cover all the main corridors of the global money transfer market and reach 192 countries through its global network.

MoneyGram’s executive vice president Dan O’Malley said the firm has recorded 22% growth in both revenue and network development in CIS region in 2011.

MoneyGram has also launched new products to enable consumers in the Ukraine to send funds in US dollars to CIS countries for a special fee of 2.5% and to other countries at a fixed rate.

The money transfer firm is also planning to extend cash-to-account service to additional banks, and add new online services in 2012.