Moneygram, a leading global money transfer company, has extended its relationship with Standard Bank, Africa’s leading financial services organization through human and capital assets.

Moneygram’s services are available at over 500 Standard Bank locations in South Africa and across 11 Southern and Eastern African countries.

The agreement was signed during an event at Standard Bank's offices in Rosebank, Johannesburg by Pamela H. Patsley, Moneygram’s Chairman and CEO, and Sim Tshabalala, Group Chief Executive of Standard Bank Group.

“Moneygram is focused on growing our presence in Africa through strategic relationships with companies like Standard Bank,” said Patsley.

She said the renewed agreement is a key milestone in both business and will enable them increase their presence across the continent and provide consumers with fast and secure money transfers.

According to her, remittances are a very important part of economic growth and financial inclusion across Africa, and that she looks forward to supporting the region’s development.

Group Executive of Standard Bank on the other hand said “as Africa continues to position itself as an exciting market for growth, the provision of sound, safe and relevant financial services is imperative to ensure that the continent continues its rapid development”.

He said Standard Bank was very pleased to renew our strategic relationship with Moneygram and they will work together to sustain and strengthen Africa’s financial linkages.

South Africa is a key driver of economic development across Africa. According to the World Bank, $1.2 billion in remittances flowed from the country in 2013.