Full-pelt extension in Sri Lanka exercised by MoneyGram

The world second biggest money transfer leader MoneyGram International is searching to extend its presence in Sri Lanka via partnerships with local banks. Besides, the company is considering the possibility to establish a new office in Colombo.

Harsh Lambah, MoneyGram International, Regional Director South Asia, reports that as per the latest World Bank statistics the Sri Lankan remittance market is valued at US$ 3billion in 2007 and is rated to contribute 1% of the global remittances market.

As of today MoneyGram has a strong presence in Sri Lanka with strong relations with the largest banks in the country such as Hatton National Bank, Commercial Bank, Sampath Bank , Nations Trust Bank and Seylan Bank.

Mr. Lanbah said that the company entered into agreement with Bank of Ceylon, Sri Lanka’s leading state bank. The company is determined to popularize its band image and to widely advertise its services via these partner-banks.

MoneyGram also mentioned some obstacles on its way to promote remittance business. The company notes that customers still use the informal way of sending money via Hawala and Hundi which poses a threat for the formal way of money transferring.