Penny Pinch, the Eastern Caribbean’s leading digital wallet provider, today announced a partnership with MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, as part of its strategy to expand its suite of digital first financial services. Through this partnership, Penny Pinch customers will be able to receive their MoneyGram transfers directly to their Penny Pinch app.
This enables residents to receive funds on their mobile phones wherever they are within minutes without the need to visit a physical agent. Customers who receive their MoneyGram transfers to their Penny Pinch account can then spend at stores, pay all of their bills, make instant transfers to family and friends, and withdraw money to their bank accounts all from the Penny Pinch app.
This ground-breaking alliance has the potential to yield significant benefits for local Caribbean residents and small businesses. Both companies will collaborate to promote financial inclusion efforts across the islands by offering a suite of domestic and international money transfer solutions. The organisations will work together to expand access to receiving international money transfers directly through the Penny Pinch Mobile App.
“We are excited to work alongside MoneyGram to leverage today’s technology to launch a best-in-class money transfer service that will revolutionize how the unbanked and underbanked receive remittances from peers abroad. Penny Pinch is committed to working with partners like MoneyGram to provide residents of St. Lucia with modern financial products and services,” says Martin Hanna, Chief Executive Officer at Penny Pinch.
“We are thrilled to partner with Penny Pinch to facilitate fully digital money transfer solutions across the Caribbean,” said Robert Dinkins, Head of Caribbean Region at MoneyGram. “At MoneyGram, promoting financial inclusion is one of our top priorities, and we look forward to providing greater access to financial services to the people of the Caribbean through this new collaboration.”
The collaborative solutions will launch in St. Lucia initially with roll-out throughout the OECS and the wider Caribbean in the near future.