BFC International Exchange

BFC Opens First MoneyGram “Red Shop” in Region

Flagship located in Manama Souq

MoneyGram International (NYSE:MGI), a leading global money transfer company, has teamed with Bahrain Financing Company (BFC), the Kingdom's oldest money transfer and foreign exchange group, to open a dedicated MoneyGram location in the Manama Souq.

The 'Red Shop' is the first BFC branch to house a fully-functioning MoneyGram location, allowing customers to benefit from MoneyGram's convenient cash transfers and expansive global network of agent locations.  It is located in the Manama Souq and provides customers with the full suite of BFC Foreign Exchange (FX) services and options for exchanging monies into 20 major currencies.  It is open Sunday through Saturday from 8 a.m. to 8 p.m.

The agreement between BFC and MoneyGram is a first of its kind in the region for both companies and a key development in the two working together to serve the ever-growing international remittance market in Bahrain.

According to Richard Meredith, MoneyGram senior regional director for the Middle East, the introduction of MoneyGram’s first 'Red Shop' in the region positions the company for long-term growth in this highly competitive market.  "This highly visible and dedicated location will significantly raise MoneyGram’s awareness among the country’s migrant population who are transferring funds between Bahrain and India, Pakistan, Bangladesh and the Philippines.  We will continue to look for new creative ways to make our services more convenient, working with great companies like BFC."

BFC has been part of the Manama Souq community for the last six decades.  The new improved branch allows BFC to continue its commitment to better serve its loyal customers within the community.