Through the Company’s partnership with Banesco, one of the largest banks in Venezuela, consumers in the country can now receive money directly to their Banesco bank account in near real-time
MoneyGram International, Inc., a leading global financial technology company that connects the world’s communities, announced a new account deposit service for consumers in Venezuela. Through the Company’s partnership with Banesco, one of the largest banks in Venezuela, consumers in the country can now receive money directly to their Banesco bank account in near real-time.
“We’re proud to have built one of the largest and most reliable digital receive networks in the world, providing our customers access to over 5 billion bank accounts and mobile wallets globally,” said Alex Holmes, MoneyGram Chief Executive Officer. “As consumer preference continues to shift online, one of our key strategic priorities is the global expansion of digital receive options. The introduction of this new account deposit service in Venezuela – one of the fastest growing receive markets in the world – is especially exciting as it creates immense value for a customer base that truly relies on our services.”
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According to the International Monetary Fund (IMF), over 7 million Venezuelans have migrated from the country since 2015. The IMF predicts 1.4 million more people will leave the country by 2025, which would bring the total number of Venezuelan migrants to over 25% of the country’s population ten years prior. Many of these migrants have settled across countries in Latin America, North America and Europe, and according to recent MoneyGram consumer survey data, they often prioritize sending money back home to support their loved ones.
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“We are thrilled to now offer this new account deposit service in partnership with MoneyGram. Today, as remittances act as a source of income for many households in Venezuela, we recognize the increased importance for safe and secure cross-border money transfers,” said Juan Carlos Fonfria, Banesco Vice President of Products, Services and Payment Methods. “By partnering with a trusted organization like MoneyGram with a strong presence across the countries housing Venezuelan migrants, this service will enable direct transfers between Venezuelan families separated around the world.”
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