MoneyGram and Grupo Elektra Extend Partnership in Mexico
DALLAS: MoneyGram (NASDAQ: MGI) and Grupo Elektra, have extended their agreement to provide money transfer services inside nearly 2,000 Elektra locations in Mexico through 2021.
The partnership strengthens MoneyGram's position in the dynamically growing market - with over $30 billion inflows in 2017, the U.S. to Mexico is the largest remittance corridor in the world.
Grupo Elektra is Latin America's leading specialty retailer and financial services company and the largest non-bank provider of cash advance services in the United States. Since 2012, MoneyGram and Grupo Elektra have worked together to make sending and receiving money around the world easy and convenient for consumers in Mexico.
"MoneyGram and Grupo Elektra have a shared goal to provide services to families that can help improve their quality of life while also delivering a great customer experience," said Grant Lines, MoneyGram's chief revenue officer. "We are proud of what we have accomplished together and we look forward to continuing our partnership to provide customers a source of financial inclusion."