MoneyGram, a leading global money transfer company, has signed an agreement with BFC Group Holdings, as part of its expansion plans in the region.

The deal includes BFC Group Holdings' subsidiaries of Bahrain Financing Company (BFC) in Bahrain and Bahrain Exchange Company (BEC) in Kuwait.

BFC will provide MoneyGram money transfer services in Bahrain, adding 25 locations in the island and BEC of Kuwait will provide the service in its 21 locations across the country.

“We were attracted to BFC’s strong branch network in the GCC, as well as its long history in Bahrain and Kuwait.  We are positive this will be a mutually beneficial partnership,” said Richard Meredith, regional director of MoneyGram.

BFC and BEC, both leading money exchange agencies have been in the business of remittance for many years, and with this deal, customers can also take advantage of international services through MoneyGram’s vast network of more than 203,000 agents in 190 countries around the world.

“The MoneyGram deal is a key part of our vision to increase our global footprint over the next five years,” added Ebrahim Nonoo, CEO and managing director of BFC Group Holdings.

To celebrate the company’s expansion in the region, MoneyGram is conducting a special promotion from November 1 to December 31. During this time, customers will receive a phone card worth BD1 with every money transfer conducted at BFC locations in Bahrain.-TradeArabia News Service