Cross border payment company MoneyGram has inked a strategic partnership with Al Rajhi Bank, an Islamic bank.
It has also signed a deal with Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank. The deal will see MoneyGram provide money transfer services in Saudi Arabia. The partnership covers both digital and walk-in channels and will enable strong customer growth in one of the world’s largest remittance markets.
“This partnership is an important milestone that capitalizes on recent strategic investments in major receive markets,” said Grant Lines, chief revenue officer at MoneyGram. “Over the last few months, we’ve expanded with new partners in India, Egypt, Pakistan, and the Philippines to name a few. All of these markets are key recipients of transfers from Saudi Arabia, and consumers will now benefit from this customer-centric integration with Al Rajhi Bank.”
Abdullah Al-Furaiji, head of remittance and exchange business at Al Rajhi Bank, added, “Al Rajhi Bank is the market leader in the Kingdom, and customer centricity is at the heart of all we do. Our alliance with MoneyGram will help our esteemed customers transfer their hard-earned money with ease and convenience to over 200 countries and territories.”
Ahmed Aly, head of Middle East for MoneyGram, continued ”MoneyGram is delighted to partner with Al Rajhi Bank – a bank with the leading digital and physical remittance network in Saudi Arabia. Our teams are highly engaged to drive customer acquisition in this exciting market. Al Rajhi Bank utilized our API-driven infrastructure to enable a quick and seamless integration.”
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