Who We Serve

MoneyGram has been a leader in the global financial services network used by millions around the world to secure life's essentials for their families for over 80 years. We are extremely proud of the role MoneyGram plays in keeping families connected across the globe.

The unprecedented challenges presented by the COVID-19 pandemic brought the necessity of our services into sharp focus. Our continued investment in developing our digital-first strategy and product innovation allowed us to scale to meet the critical needs of our customers. A 2021 MoneyGram Customer survey found approximately 83% of respondents reported an increase in the financial needs of family and friends abroad this year, marking a second consecutive year of this upsurge. Consumers primarily sent money cross-border to cover the cost of essential needs for loved ones. Nearly three-quarters (73%) reported that those abroad have needed more money for food in 2021, followed by healthcare (59%) and housing (54%). According to the results, the healthcare needs of loved ones abroad increased since 2020, jumping to the second most important factor impacting decisions to transfer funds.  

SDG 10: Reduced Inequality

Reduced Inequalities

The United Nations' Sustainable Development Goal 10 (Target 10.c) aims at reducing inequality within and among countries by reducing inequalities of income as well as those based in age, sex, disability, race, ethnicity, origin, or economic or other status within a country. The Goal also addresses inequalities among countries, including those related to representation, migration, and development assistance. MoneyGram is proud to report our average cost to customers is approximately 2.9%, significantly lower than the industry average reported by the World Bank, and in line with the United Nations' Sustainable Development target to to reduce the transaction costs of migrant remittances to less than 3%

Crisis Disbursement Program

Nonprofit and nongovernmental organizations face limitations due to lack of access to cash distribution in times of crisis, and in today's rapidly evolving world, it has been too expensive and time-consuming for those organizations to build the operational structure and set-up individual banking partnerships in countries across the globe.

In response to this problem, we developed a product which allows these organizations to leverage MoneyGram's global licensure and infrastructure to pay-out across MoneyGram's global network of over 400,000 retail locations in 200+ countries and territories, adding instant scale and allowing aid to be deployed quickly to the front lines. We have already established partnerships with several global organizations with plans to formally launch the program in 2022.

Compliance

MoneyGram stands as an industry leader in compliance. Compliance is part of the foundation of our Company and our leadership team is highly focused on ensuring that our business meets or exceeds our legal compliance obligations. MoneyGram ensures compliance with applicable laws and regulations relating to anti-money laundering (AML), terrorist financing, and consumer fraud prevention. We undertake a multi-faceted approach to compliance which includes back-end transaction monitoring and an industry-leading consumer ID standard which we collect consumer ID at the point-of-sale for every transaction - a standard well beyond the legal requirement and stricter than the industry standard.

Leading the IndustryLeading the industry in fraud protection

MoneyGram continues to lead the industry in preventing consumer fraud as evidenced by our industry-leading low fraud rates, our leading consumer data collection standard, and robust compliance program. Our numbers speak for themselves. While industry participants do not all publish their individual fraud rates, based on certain select public company data and other available information, we believe that our fraud rate is among the lowest, if not the lowest, in the industry.


Pushing the Industry Forward

We believe that in the absence of a uniform standard on many aspects of money remittance compliance, it is incumbent on leading industry participants like MoneyGram to continue to elevate standards. An example of this is MoneyGram's leading consumer ID collection standard that requires consumers to show their ID at every point-of-sale transaction.  In an industry that has moved toward non-exclusive agent relationships, we've seen shared agents require competitors to adopt MoneyGram's stricter ID collection standard.

Agent, Employee and Consumer Awareness

Educating agents, employees, and consumers regarding compliance, including fraud schemes and indicators of suspicious activity are an important aspect of our compliance program. MoneyGram has a dedicated global agent training program focused on ensuring our agents are aware of the importance of compliance and have the tools to assist MoneyGram to prevent fraud and illegal activity. Each of our employees and our Board perform mandatory compliance training every year.  We make consumers aware of how to identify fraud through our fraud warnings and other consumer education.

Business Ethics and Transparency

We are committed to maintaining the highest standards of integrity and transparency in our corporate governance practices to maintain excellence in daily operations and to promote confidence in our governance systems. MoneyGram conducts business in an open, honest, and ethical manner. MoneyGram recognizes the importance of protecting all our human, financial, physical, informational, social, environmental, and reputational assets through its Code of Conduct and robust corporate ethics program. MoneyGram advises our partners, contractors, and suppliers of our Code of Conduct and works with them to ensure adherence with this policy. MoneyGram is committed to measuring, auditing and publicly reporting performance on its ethics program. We believe an ethical business is a transparent business.