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MoneyGram and Millicom Launch Mobile Wallet Service in El Salvador

DALLAS, May 3, 2016 /PRNewswire/ -- As part of its continued commitment to making money transfers easier for customers, MoneyGram MGI, -2.01% has signed an agreement with Millicom, the parent company of Tigo Money, to launch mobile cash receive services into more than 1 million Tigo Money mobile wallets in El Salvador.

Tigo Money is one of the leading providers of mobile financial services for customers in Latin America. Tigo's service allows millions of customers to send and receive money domestically, and receive money internationally. Tigo customers can also pay bills, transfer money between people and businesses, use self-top ups, and make merchant payments.

"We're excited about the opportunity to expand our reach to mobile money accounts in Central America through the partnership with Tigo Money," says Alex Hoffmann, MoneyGram's executive vice president of Global Product. "Remittances are an important part of economic development and financial inclusion in the region, and we are thrilled to offer our customers an easy and convenient way to receive funds they depend on from family and friends around the globe."

Mobile money plays a key role in creating financial inclusion in El Salvador. According to the World Bank, mobile wallets have helped the country to nearly triple the percentage of adults with financial accounts in the last five years. It is estimated that five percent of adults in the country have a...