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MoneyGram International forges regional alliance with Citi on remittances

Thursday, June 10, 2010


MoneyGram International and Citi announced an agreement to expand MoneyGram's money transfer services to all Citi locations in Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

In 2009, Central America received nearly $11.6 billion in remittances according to the Inter-American Development Bank. Central America is highly dependent on these funds as the IADB estimated it accounts for nearly 17 percent of the region's gross domestic product.

Original source: Market Watch

(press release)