Digital money transfer service MoneyGram (NASDAQ: MGI) recently announced it has a five-year extension to its partnership with Canada Post. The renewal, which runs through December 2025, allows MoneyGram customers to continue to transfer money and pay bills at over 5,000 Canada Post locations throughout Canada, as well as through MoneyGram’s online channel and mobile app.
According to MoneyGram, annual immigration in Canada currently amounts to around 300,000 new immigrants, one of the highest rates per population of any country in the world. As of 2019, there were just under eight million immigrants with permanent residents living in Canada which equates to roughly 21.5% of the total Canadian population. As such, Canada is a major market for both MoneyGram and Canada Post, and the two organizations will continue to collaborate to meet the ever-changing needs of their mutual customers.
Speaking about the partnership expansion, Alex Holmes, MoneyGram Chairman and CEO, stated:
“We are thrilled to extend our partnership with Canada Post for five more years as we continue to execute our plan to grow the largest retail partnerships in major markets. For nearly two decades, MoneyGram and Canada Post have collaborated to enable customers in Canada to easily send or receive money to and from family and friends across the globe. Over the years, we have become Canada Post’s preferred partner given the strength of our brand, the breadth of our global platform, and our collaborative strategy to further improve customer experience. The length of the contract term is a testament to the strength of our partnership, and I’m excited about the growth potential ahead.”
John Reis, General Manager Retail at Canada Post, then added:
“MoneyGram is a strong partner, and we’re thrilled to extend our successful relationship another five years. Our large customer base continues to demand this critical service so that they can quickly and conveniently transfer money back home. We have a robust strategy in place, and I’m excited about the opportunities ahead for further growth and customer-centric collaboration.”
MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.