MICROCAPITAL BRIEF: MoneyGram Expands Operations in Equatorial Guinea Through 15 BANGE Branches

MoneyGram International, a US-based money transfer company, recently announced it has expanded its operations in Equatorial Guinea by launching services at 15 locations of Banco Nacional de Guinea Ecuatorial (BANGE), a government-controlled bank.Spain, the US and Cameroon are the primary countries from which individuals send money to Equatorial Guinea, and people in Spain are the primary recipients of money from there.

As of 2016, MoneyGram had USD 1.45 billion in annual revenue and offers its services via approximately 350,000 agent locations in 200 countries. BANGE provides financial services through a network of 15 branches in seven cities to about 80,000 customers. No financial information is available for BANGE.

By Imke Herholdt, Research Associate

About MoneyGram International
Founded in 1940, MoneyGram International is a money transfer company based in the United States. The company offers cross-border fund transfers and “Financial Paper Products.” As of 2016, MoneyGram had USD 1.45 billion in annual revenue and offers its services at about 350,000 agent locations in 200 countries.

About Banco Nacional de Guinea Ecuatorial (BANGE)
BANGE is a government-controlled commercial bank that was founded in 2006 and is based in Malabo, Equatorial Guinea. BANGE provides financial services through a
network of 15 branches in seven cities to about 80,000 customers. No financial information is available for BANGE.

Sources and Additional Resources
[1] Africa Press Organization: MoneyGram Money Transfers now Available at Banco Nacional de Guinea Ecuatorial (BANGE)
[2] MicroCapital Universe Profile: MoneyGram International
[3] MicroCapital Universe Profile: Banco Nacional de Guinea Ecuatorial (BANGE)

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