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MoneyGram, Citi Form Region-Wide Alliance In Central America

MoneyGram International and Citi have entered into an agreement to expand MoneyGram’s money transfer services to all Citi locations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

MoneyGram began its global money transfer services in Central America more than 15 years ago. The company claimed that it has expanded in the region and has a network comprised of financial institutions and retailers.

Citi had acquired Grupo Cuscatlan and Grupo Financiero Uno in 2007. Both institutions had provided MoneyGram money transfer services for 15-years in El Salvador and Honduras.

Dan O’Malley, EVP for the Americas at MoneyGram International, said: “This important agreement extends MoneyGram’s presence in Citi’s network across Central America. MoneyGram’s growth in Central America is a vital part of our global expansion plans, and adding hundreds of agent locations across Central America with a premier partner like Citi is a significant step in establishing a foundation for future growth.”

Constantino Gotsis, cluster head for Central America and Regional Consumer Bank head for the Andean and Central America regions for Citi, said: “Expanding our relationship with MoneyGram will provide Central Americans in the region and their family and friends with affordable, reliable and convenient money transfer services.”

John Warner-Gutierrez, VP of Latin America for MoneyGram, said: “All locations in Citi’s Central America network are being added in phases, providing our consumers with more choices for convenient access to MoneyGram’s fast, reliable money transfer services.”