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MoneyGram announces business expansion

Star Business Report
MoneyGram, an electronic money transfer services provider worldwide, yesterday announced expansion of its presence in Bangladesh aiming to tap the income potentials from overseas remitters.
Consumers can now receive the money sent through the Mo n eyG ra m by the Bangladeshis working in the United States, United Kingdom or Middle East countries in just 10 minutes.
“The potential this market presents is huge," Harsh Lambah, regional director, South Asia of MoneyGram India Pvt Ltd. told a press conference at Dhaka Sheraton hotel yesterday.
The global company has been in operation in Bangladesh for the last 10 years.
"We have well established our network in Bangladesh with a sizeable base of key bank agents." Lambah pointed out.
MoneyGram has already teamed up with 9 private commercial banks such as NCC, Uttara, Eastern, The City, IFIC, Jamuna, Premier, Standard and Mutual Trust banks to support its network to provide faster and reliable services for clients.
A presentation by the MoneyGram also shows that South Asia alone accounts for US$40 billion remittances every year. Of which, $8 billion is Bangladesh's remittance in the 2007-08 fiscal year. The Bangladeshis working in different Middle East countries alone sent about $5 billion last fiscal.
“Remittance market in Bangladesh is growing rapidly and tire figure may reach S10 billion this fiscal year,” Lambah predicted.
Replying to a query, he said Muneyt-ram's charge is exnw-pcuuvu -- $9.99 and S4.99 for every $1,000 sent from USA and UK respectively. Recipients have to pay no charge, he added.
As part of boosting its presence here in Bangladesh, MoneyGram plans various marketing initiatives, including advertisement and special campaign prior to major festivals.
The company officials claimed recently that it had invested more resources and introduced special pricing on the transactions here.
Revenue of MoneyGram, the second largest money transfer company after Western Union, was SI.3 billion in 2007, while the amount was $1.16 billion in 2006. The company has 10,500 locations in the Indian subcontinent.
Mahmud Sattar, Kazi Md Shafiqur Rahman and Mosharraf Hossain, managing directors of The City Bank, Mutual Trust Bank and IFIC Bank respectively were also present on the occasion.