ISTANBUL, Turkey, July 27, 2015 (GLOBE NEWSWIRE) -- MoneyGram (NASDAQ:MGI), a global provider of innovative money transfer services, announces today that the company is expanding its reach across Turkey, through an agreement with Gonder-al Payment Systems Inc., a retail bill payments provider.
Gonder-al has been granted a license by the country's banking regulatory authority, to conduct international and domestic money transfers. Gonder-al is one of the first companies to be granted this license under a new law that opens the retail sector for money transfers, which has been under the exclusive control of banks and the post office.
"According to the World Bank, more than 40 percent of Turkey's population is under-banked," said Richard Meredith, MoneyGram's senior regional director Southeast Europe and Turkey. "The agreement with Gonder-al will provide our customers in both rural and urban areas of Turkey more convenient access to financial services they depend on for life's essentials."
The Chairman of Gonder-al, Fazil Taboglu, said he was extremely pleased with the MoneyGram cooperation and the new license. "We signed the agreement last year upon passage of the law. We integrated our systems and added money transfer services to our product portfolio. The license is a new cornerstone for us."
MoneyGram's alliance with Gonder-al will allow customers to send and receive transfers from about 100 of the retailer's stores and increase the company's footprint in Turkey to an estimated 1,300 locations.
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About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer 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, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com
About Gonder-al Payment Services Inc.
Gonder-al is the premier bill payments provider in Turkey with payment locations in Central and Western Turkey. With the granting of the license and MoneyGram co-operation, it adds domestic and international money transfer services to its product portfolio and plans to expand its network to cover the whole of Turkey geographically.