MoneyGram International, Inc. (MGI) is a leading global payment services company and S&P MidCap 400 company that efficiently and economically moves money around the world or close to home.
MGI has been listed on the New York Stock Exchange since 2004, earned over $1.16 billion in revenue in 2006 and has approximately 110,000 global money transfer agent locations in 170 countries and territories worldwide.
Acquisitions, new technology and the expansion into Internet-based services are fuelling fast paced growth.
The MoneyGram, money transfer service has been operating throughout the US and Latin America since 1988. In 1997, MoneyGram International Limited (MIL) was set up in order to expand and market this same money transfer service on a global basis outside of the Americas. Over the last, 9 years a well-established international network has been built and this continues to expand at a rapid rate.
The MoneyGram money transfer service is a global person-to-person money transfer service, which enables our customers to send money electronically via the MoneyGram network agents around the world. These can include banks, post offices, currency exchange bureaux, grocery stores, retailers and other entities that generally have cash available as part of their regular business activities.
MoneyGram money transfers are used predominantly by people without traditional banking relationships and people who are living/working in a country away from their family but send money back to their home country. Additionally, it is also used by traditional banking customers in need of emergency money transfer services, tourists without local bank accounts and businesses that need rapid and economical money transfer services.
The main function of the international business, outside of the US, is to continue to expand and develop the international agent network and subsequently work with agents from an operational and marketing perspective so that transaction volumes are maximised.
The offices outside of the US currently employ in the region of 320 staff. The head office is in London with subsidiary or branch offices located in Australia, China, Dubai, France, Germany, Greece, Hong Kong, India, Italy, Spain, Moscow, the Netherlands, Nigeria and South Africa. Investment in additional resources is set to continue and we anticipate staff numbers will be close to 600 by year-end 2007.
The wider MoneyGram International Inc. group employs a total of around 1,900 staff including employees in the US who focus on providing the MoneyGram Service throughout the Americas and who also provide settlement, risk management and technical support to the international business, developed and marketed by the international offices.
In terms of culture, the international business is entrepreneurial and fast paced. Employees have graduate/post graduate levels of education often with further professional or technical qualifications and prior experience includes blue chip as well as start-up/smaller firm exposure. Most employees are multi-lingual and there is a diverse representation of nationalities, languages and cultures.
