MoneyGram and Bank AlJazira partner to expand cross-border money movement in Saudi Arabia
Now, Bank AlJazira's customers can send money to over 200 countries and territories via the bank's digital channels or at FAWRI Retail locations where they can also receive money across the Kingdom, providing convenience for Saudi nationals, residents and visitors. Powered by MoneyGram's global payments network and world-class APIs, customers benefit from a range of transfer methods, including bank accounts, mobile wallet and cash pick up.
This announcement of receive service supports millions of visitors who travel to Saudi Arabia year-round for Hajj and Umrah pilgrims, business or tourism. This highlights MoneyGram's strategic focus on enabling inbound remittance services into the Kingdom and serving a broad range of customers from around the world.
'Over the past decade, MoneyGram has partnered with the Kingdom's leading fintechs, mobile wallets and banks to deliver a broad range of cross-border solutions,' said Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram. 'Today, we're proud of our partnership with Bank AlJazira – a trusted brand with strong technological capabilities – to advance our mission of connecting the world by making the movement of money across borders seamless, affordable and reliable for everyone.'
Recipients of funds sent from Saudi Arabia will benefit from flexible payout options – whether picking up cash at one of MoneyGram's 480,000+ global retail locations or receiving funds across five billion digital endpoints
'This collaboration delivers greater value to our customers by offering faster and more reliable international money transfer services. It strengthens our commitment to providing seamless and reliable financial solutions, ensuring we meet the evolving needs of our customers, both locally and globally,' said Fahad AlMuteri, Head of Digital Banking at Bank AlJazira.
Remittances from Saudi Arabia rose to $4.13B in March 2024, marking a 29.61% year-on-year increase and the highest monthly level recorded in nearly nine years 1. Approximately 42% of the Kingdom's population are immigrants, many of whom have relocated for economic opportunities. These expatriates primarily send money to key remittance corridors, such as India, Indonesia, Pakistan, Bangladesh, Egypt and Yemen.
-END-
About MoneyGram
MoneyGram connects the world by making the movement of money across borders seamless, affordable and secure for everyone. Each year, the company serves more than 50 million people in over 200 countries and territories. Headquartered in Dallas, Texas, with offices in 36 countries, MoneyGram is globally recognized for its high-performance culture and has been honored as a Top Workplaces USA award winner for four consecutive years.
MoneyGram Media Contact
media@moneygram.com
About Bank AlJazira
Bank AlJazira (BAJ) is recognized as one of the leading Shariah compliant fast growing financial institutions in Saudi Arabia, client-driven and service-oriented Saudi Financial Group which provides individuals, businesses and institutions with innovative Shariah compliant financial services through professional and dedicated staff.
1 Arab News 'Saudi Arabia's expat remittances hit near 9-year high at $4.13bn in March' https://www.arabnews.com/node/2601188/business-economy
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