Colombo, Sri Lanka, July 26, 2010 - National Savings Bank (NSB) and MoneyGram International (NYSE: MGI), a leading global money transfer services company, announces the companies have signed an agreement in that National Savings Bank will offer MoneyGram money transfer services in all 169 of its branch locations. This agreement is beneficial for both companies as it expands MoneyGram’s brand and further enhances NSB’s market share in the remittance business in Sri Lanka.
Mr. Pradeep Kariyawasam,
NSB, the only government guaranteed and protected bank in Sri Lanka, will now be able to offer remitters the ability to receive funds quickly from over 200,000 MoneyGram agent locations in more than 190 countries. With MoneyGram service, remittances can be received in as little as 10 minutes and with 169 NSB locations across the country, consumers can receive funds close to where they live or work.
“MoneyGram’s growth in Sri Lanka is a vital part of our global expansion plans. We are proud to associate with National Savings Bank to offer our convenient, affordable and reliable international money transfer services to more people in more communities throughout
Sri Lanka,” said Mr. Harsh Lambah, MoneyGram’s regional director for South Asia.
“An inward remittance is a thriving market in Sri Lanka. Over 1.5 million Sri Lankans living and working abroad sent home approximately Rs. 370 billion last year, which accounted for about 8 percent of the country’s GDP. Therefore, NSB’s tie up with MoneyGram targeting the growing Sri Lankan migrant population is a significant milestone in the economy of Sri Lanka, where NSB plays a critical role,” said Mr. Hennayake Bandara, General Manager and CEO of National Savings Bank.
To receive money via MoneyGram in Sri Lanka, the receiver can simply walk into any MoneyGram agent location, such as NSB, complete a simple Receive Form and show a photo identification to receive funds, subject to agent availability and hours of operation. Customers who use MoneyGram to send or receive remittances through NSB are guaranteed that the full amount of the remittance will be paid at NSB, with no charges to the beneficiary
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