MoneyGram Introduces Digital Receive Capabilities in Jamaica through Partnership with Lynk

MoneyGram International, Inc. (NASDAQ: MGI) (“MoneyGram” or the “Company”), a leading global financial technology company that connects the world’s communities, today announced a partnership with Lynk, the mobile wallet powered by National Commercial Bank Financial Group (NCBFG), the largest financial group in Jamaica. Through this partnership, Lynk’s fast-growing user base now has the ability to receive cross-border payments directly to their smartphones. MoneyGram is the first money transfer organization to bring this capability to market in Jamaica.

“We are thrilled to partner with Lynk to now offer consumers in Jamaica a digital alternative to receive money sent from loved ones abroad,” said Alex Holmes, MoneyGram Chairman and CEO. “Over the last several years, we’ve positioned ourselves to meet evolving consumer demand as it increasingly shifts online. Today, Lynk joins a strong roster of digital partners helping us to expand our mobile wallet capabilities into some of the largest receive markets around the world. We’re excited about the benefits this partnership will bring to our business as we continue to outpace the industry in the proliferation of digital.”

This partnership enables Lynk to tap into the Company’s global payment rails to expand its set of offerings to include international digital receive capabilities. With a shared focus on customer-centricity, MoneyGram and Lynk are now providing consumers in Jamaica with a faster, more convenient and safer way to collect funds sent from loved ones around the world.

“This exciting, first-to-market, development was designed with customer needs in mind,” said Vernon James, Lynk Chief Executive Officer. “International money transfer is a crucial service in Jamaica, and we are proud to work closely with MoneyGram to empower our customers to receive money on-the-go, from the comfort of their own homes, or wherever they are.”

In December of 2022, Lynk announced that the mobile wallet hit $1.5 billion JMD in transactions – the equivalent of $9.8 million USD – in its first year of operations. Along with the new remittance feature, the app enables users to purchase mobile credit, pay bills at over 300 locations, transfer to other Lynk accounts and pay for goods and services at over 5,000 local businesses across Jamaica.

“This is a huge development for consumers in Jamaica, one of our largest inbound markets globally with money coming from loved ones in our top outbound markets, such as the United States and Canada,” said Grant Lines, MoneyGram Chief Revenue Officer. “By being the first international money transfer organization to team up with the mobile wallet owned by NCBFG – which controls over 60% of the payments market in the country – we’re confident that we will provide consumers with more choices and flexibility.”

The service is now live for consumers in Jamaica.