MoneyGram Expands its Payment Services to Turkmenistan

Global money transfer and payment services provider – MoneyGram International Inc. MGI – announced the launch of money transfer services in Turkmenistan. The company will now be able to reach its consumers in the country with the help of an agreement with Garagum Bank.

With this move, MoneyGram will be able to effectively serve the underserved consumers of the country. The company, in association with Garagum Bank, will enable Turkmen customers to transfer money conveniently and securely all across the globe. This will, therefore, result in an increase in the savings of the consumers, thereby highly benefiting them.

The launch of this payment service in Turkmenistan marks a significant development for the country. This is because it will enable athletes and visitors coming to Turkmenistan during the 5th Asian Indoor and Martial Arts Games in 2017 transfer money seamlessly.

Moreover, MoneyGram is set to benefit from this expansion as Turkmenistan is one of the fastest-growing economies in the world with a population of approximately five million. Such factors are not only likely to increase the company’s consumer base significantly but also aid its top-line growth.

MoneyGram has been consistently expanding its services globally. Recently the financial services provider relaunched its online money transfer platform, MoneyGram.com. The company also unveiled a mobile app for Apple Inc. AAPL phone users and Android devices in the U.S.

Additionally, MoneyGram continually strives to maintain customer satisfaction through secured and easy transfer of money globally. Earlier in Mar 2015, the company inked a strategic alliance with two currency exchange companies in the U.K. – Dawson & Sanderson Ltd. and ChangeGroup. The deal facilitated MoneyGram to transfer money easily from the U.K. to other countries across the globe, thereby allowing it to cover a better share of the market.

Currently, MoneyGram carries a Zacks Rank #3 (Hold). Better-ranked stocks from the same sector include Euronet Worldwide, Inc. EEFT and Blackhawk Network Holdings, Inc. HAWK. While Euronet Worldwide sports a Zacks Rank #1 (Strong Buy), Blackhawk Network holds a Zacks Rank #2 (Buy).

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