MoneyGram International, Inc. announced today that it delivered 136% year-over-year cross-border transaction growth and 135% year-over-year revenue growth for November in its direct-to-consumer digital business, MoneyGram Online (MGO).
A statement that was seen by Nairabrands noted that this is the eleventh consecutive month of triple-digit year-over-year cross-border transaction growth recorded by the company in the channel. The Company also reported strong MGO revenue growth in November, posting the third largest revenue month for MGO in 2020.
Alex Holmes, who serves as MoneyGram’s Chairman and Chief Executive Officer, was quoted in the statement to have said the following:
“The consistent, profitable growth in our consumer direct business has enabled it to quickly become one of the largest, fastest growing fintechs in the industry. Our consumer-centric app is delivering a phenomenal return on investment as repeat usage and customer retention rates continue to exceed expectations. The successful execution of our strategy to accelerate digital growth is delivering remarkable value to shareholders, and we’re excited about our continued growth trajectory.”
MoneyGram, which played a major role in the evolution of digital cross-border P2P payments and money transfers, has recently been focusing its digital strategy on delivering the industry’s best customer experience. It is doing this through its app and by rapidly expanding its digital capabilities around the world; targeting a new customer segment, and growing its bank account & mobile wallet network by partnering with leading brands such as Visa Direct.