MoneyGram Announces Record High Digital Revenue for Q1 and Partnership with Egypt's Largest Bank

MoneyGram International, Inc., a leading cross-border P2P payments and money transfer company, has released its operating metrics for the first quarter ended March 31, 2022, revealing an all-time high digital revenue of $83 million, representing 40% of its money transfer transactions during the period. This report comes after the American firm's strategic partnership with Banque Misr, the largest bank in Egypt.

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In particular, MoneyGram's highlights for Q1 include:

• Total revenue was $307.6 million; gross profit was $146.2 million (up $1.4 million YoY); total operating expenses were $128.3 million (up $8.1 million or 6% YoY); operating income was $17.9 million (up $9.5 million YoY); net income was $5.1 million; adjusted EBITDA was $49.0 million.

• Total money transfer revenue was $284.3 million, with transactions grew 4% YoY.

• Total MoneyGram Online (MGO) Money Transfer revenue was $49.4 million, representing a 19% growth YoY. Year-over-year, MGO cross-border online revenue grew 24% with transactions growing 22%.

• Active cross-border customer growth continued its strong momentum increasing 19% YoY.

• Total digital, which includes MGO, digital partners and digital receives, continued its robust performance reporting a YoY transaction growth of 33% in the first quarter. Digital revenue reached an all-time high of $83 million for the first quarter with an impressive 36% YoY revenue growth rate.

• Investment revenue was $2.1 million for the quarter representing an increase of $0.1 million as interest rates began to rise at the end of the quarter.

Partnership with Banque Misr 

Egypt is currently the fifth largest market in inbound international remittances, with about $31.5 billion reported in 2021.

The partnership between MoneyGram and Banque Misr will reportedly enable millions of consumers in Egypt to receive money at Banque Misr branches and connect to the global MoneyGram distribution network that spans over 200 countries and territories.

Mohamed El-Etreby- chairman of Banque Misr, stated, "Our partnership with MoneyGram will enhance Banque Misr's dedication to expanding customer access to banking services, by enabling individuals in Egypt to receive cross-border payments from relatives around the globe utilizing MoneyGram's distribution network. Furthermore, this partnership will strengthen our financial inclusion efforts in Egypt by providing customers with a safe and affordable method to collect funds through Banque Misr's numerous branches nationwide."

"We're excited to partner with Banque Misr as we continue to build upon our strong momentum and execute our strategy to invest in key receiving markets around the world," said Ahmed Aly, Head of MoneyGram in the Middle East. "With one of the largest networks in Egypt and leading Omni channel capabilities, we're excited to collaborate with the largest banks in the country to enable millions of consumers access to our leading customer-centric platform and global distribution network, with over 100 countries now digitally-enabled."