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MoneyGram Signs Multi-year Contract With Itae Unibanco In Brazil

Adds 1000 more agent locations, bringing the total network to nearly 5,000 locations in Brazil

MoneyGram has signed a new multi-year contract with Itae Unibanco, a Brazil-based private-sector bank. This contract will add additional 1,000 MoneyGram agent locations in Brazil, bringing the money transfer services to the bank’s network of nearly 5,000 locations.

Reportedly, Itau Unibanco provides a wide network for customers to receive their MoneyGram money transfer transactions. To collect funds in Brazil, customers can visit any Itau Unibanco agent location, complete a form and show required identification. MoneyGram has said that funds sent from its network of more than 180,000 agent locations in 190 countries and territories are available in Brazil.

Pamela Patsley, chairman and CEO of MoneyGram, said: “Our focus continues to be on worldwide expansion, particularly in key growth markets such as Brazil. We are delighted to expand our network through our alliance with a premier global financial institution such as Itau Unibanco and deliver affordable, reliable money transfer services to the bank’s millions of clients.”

Milton Maluhy Filho, managing director of financial institutions and funding of Banco Itau BBA, said: “We are focused on providing more convenience in money transfer services to our customers. By expanding our relationship with MoneyGram, we maintain an extensive global network available to send funds to Brazil.”