Sindh Bank Signs Agreement with MoneyGram
KARACHI (November 2, 2015) Sindh Bank and MoneyGram (NASDAQ:MGI) announced that they have signed an agreement to provide money transfer receive services to customers in Pakistan. The agreement will enable customers to pick up funds from friends and family members around the world at more than 225 Sindh Bank locations in 111 cities across Pakistan. This addition will extend the MoneyGram network in Pakistan to almost 4300 locations across the country.
According to the World Bank, more than 90 percent of the population of Pakistan is currently unbanked, and many residents depend on money transfers from family members to pay for everyday life essentials.
"MoneyGram's agreement with Sindh Bank offers customers more choices when they need to pick up funds" - says MoneyGram's Maher Haddad, Senior Regional Director for MEPA countries. "Adding Sindh Bank to our agent network in Pakistan aligns with our strategy to deliver access to financial services to unbanked and under-banked customers in Pakistan".
Reza Samad, MoneyGram's Country Manager for Pakistan adds that the company's mission is to connect family, friends and loved ones through reliable, 10-minute* transfers. "We help people send money to their families and friends for emergencies, celebrating big moments and providing for life's essentials" - he says.
Sindh Bank through the agreement with MoneyGram offers more convenience to Pakistani customers as they can receive their money in cash from Sindh Bank branches without going through the hassle of opening any bank account. In case, however, beneficiary has an account with Sindh Bank, his/her remittance could be credited to the account and funds withdrawn from any ATM.
Sindh Bank is an active member of Pakistan Remittance Initiative (PRI), a joint venture of State Bank of Pakistan and Ministries of Overseas Pakistanis and Finance.
According to the World Bank, more than $17 billion remittances were recevied in Pakistan in 2014, of which the majority remittances were sent from Saudi Arabia ($4489 million), United Arab Emirates ($4151), United Kingdom ($1259 million), and United States ($1016 million).
In 2015, MoneyGram has been awarded the Asian Banker's prestigious "Excellence in Remittance Business" prize.
About Sindh Bank Ltd
Sindh Bank Limited was established on December 26, 2010, with a paid up capital of Rs 10 billion, wholly contributed by the Government of Sindh. It commenced full-fledged operations in April 2011 and during the last four and a half years, the Bank has emerged as the fastest growing institution in Pakistan's banking industry. It has presence in 111 cities across Pakistan with a network of 225 online branches including 5 dedicated Islamic Banking branches. Medium to long term entity rating of AA and short term rating of A-1+ with a stable outlook, assigned by JCR-VIS Credit Rating Agency and Capital Adequacy Ratio of 20.92% as against the required 10%, are indicative of its strong financial standing. Bank's total deposits as of September 30, 2015 are Rs 84,264 billion, gross advances Rs 44,595 billion and No of accounts 337,842.
About MoneyGram International
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, it connects consumers any way that is convenient for them. It also provides bill payment services, issues money orders and processes official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.