As part of their joint strategy, MoneyGram International and BFC opened a dedicated MoneyGram location in the Manama Souq.
The “Red Shop” is the first BFC branch to house a fully-functioning MoneyGram location, allowing customers to benefit from MoneyGram’s convenient cash transfers and expansive global network of agent locations. It is located in the Manama Souq and provides customers with the full suite of BFC Foreign Exchange (FX) services and options for exchanging monies into 20 major currencies.
The agreement between BFC and MoneyGram is a first of its kind in the region for both companies and a key development in the two working together to serve the ever-growing international remittance market in Bahrain.
Richard Meredith, MoneyGram senior regional director for the Middle East, the introduction of MoneyGram’s first “Red Shop” in the region positions the company for long-term growth in this highly competitive market. “This highly visible and dedicated location will significantly raise MoneyGram’s awareness among the country’s migrant population who are transferring funds between Bahrain and India, Pakistan, Bangladesh and the Philippines. We will continue to look for new creative ways to make our services more convenient, working with great companies like BFC.”
BFC has been part of the Manama Souq community for the last six decades. The new improved branch allows BFC to continue its commitment to better serve its loyal customers within the community.
“Our agreement with MoneyGram is a key element of our vision to increase our global footprint. Opening a new and larger branch in the Manama Souq with MoneyGram gives our customers more confidence that their money is getting to their families quickly, in addition to giving international customers wider access to BFC and its strong branch network across Bahrain and Kuwait,” Ebrahim Nonoo, CEO and managing director of BFC Group Holdings said.
As part of the opening, MoneyGram are running a Scratch and Win offer – that provide customers with a chance to win a selection of prizes.
“Key to launching our first MoneyGram flagship location in Bahrain is our strong relationship with BFC. The trust and credibility BFC has built over the years is a perfect match for MoneyGram,” Ananth Srivatsa, MoneyGram marketing director for Middle East and South Asia, said.
Mohamed Sukkari, MoneyGram’s business development manager for Middle East added, “MoneyGram views the flagship location in Bahrain as a great step forward in expanding our presence in the region and in connecting our brand closer to our customer.”