First Ukrainian International Bank (FUIB) and Texas-based money transfer company Moneygram have unveiled plans to provide the bank’s customers with a national and international money transfer service.
According to Moneygram, round 86% of FUIB customers receive funds from family members, friends, and business associates.
Internationally, World Bank statistics show a significant movement of Ukraninan nationals to countries including Russia, Poland, US, Kazakhstan, Israel, Germany, Italy and Spain, creating the need for a system allowing transfers and remittances abroad.
Registering a turnover of UAH 159m ($19.5m) in 2013, FUIB is the ninth largest bank in Ukraine by profits.
It serves more than 1.5m customers, as well as 25,000 corporate clients, through over 150 outlets across the country.
Because of a high emigration rate, about 86 percent of customers in the country receive funds from family, friends and business associates.
According to the World Bank, many Ukrainians are moving to countries including Russian Federation, Poland, the U.S., Kazakhstan, Israel, Germany, Italy and Spain, and often send and receive money to and from loved ones back home.
Commenting on the partnership, Andrei Afanasyev, marketing director at MoneyGram, said: "Through our agreement with FUIB, MoneyGram’s services are now offered at a much larger range of locations across the country."
"This collaboration means big growth in Ukraine for MoneyGram and our customers, who will now have more places to quickly connect with and reach loved ones through funds transfers," he added.