The Muthoot Group announced the official launch of the business partnership between MoneyGram and Muthoot Forex Ltd, one of the 20 divisions of The Muthoot Group. The launch ceremony was held at the Corporate Office (North) of The Muthoot Group, MG George Muthoot Towers-3, Alaknanda, New Delhi.
The event was graced by Alexander George Muthoot, Managing Director of Muthoot Finance, along with senior officials from both MoneyGram and The Muthoot Group. A key highlight of the event was the official exchange of the partnership agreement between Alexander George Muthoot, Managing Director of Muthoot Finance, and Naved Ashraf, Sr. Regional Commercial Director, MoneyGram – South Asia.
Muthoot Forex Ltd., an RBI-authorised foreign exchange service provider, operates through 54 dedicated Forex branches across India. Additionally, Muthoot Finance and Muthoot Money branches—both registered as authorized FX Correspondents with the Reserve Bank of India—offer a comprehensive range of forex services including currency exchange, travel cards, outward remittances, and Forex @ Home services.
This strategic partnership with MoneyGram, a global leader in payment networks, will provide fast, convenient, and reliable international money transfer services to consumers across India. Customers can now collect cash remittances sent from abroad at Muthoot Forex and Muthoot Finance branches nationwide, or opt for direct account deposits through MoneyGram’s digital channels.
This collaboration brings together two renowned organisations, strengthening their shared commitment to delivering accessible financial solutions. MoneyGram will significantly expand its reach across India through Muthoot Finance’s extensive branch network.
Speaking on the occasion, Alexander George Muthoot, Managing Director of Muthoot Finance, said, “We are delighted to renew our strategic partnership with MoneyGram, further strengthening our commitment to providing accessible, reliable and convenient financial services to customers across India. Leveraging Muthoot Finance’s extensive network of over 7,600 locations and the trust we have built over generations, this collaboration will make it easier for families to receive money sent by their loved ones from abroad. We believe that the combination of MoneyGram’s global payments network and Muthoot’s strong last-mile reach will enhance customer convenience and access to international remittance services. This partnership is another step towards expanding our service offerings, embracing innovation and delivering greater value to the communities we serve.”
About Muthoot Finance
Muthoot Finance is the flagship company of The Muthoot Group, which encompasses 20 diversified business divisions. With over 7,600 branches serving over 250,000 customers daily. Muthoot Finance is India’s largest gold loan NBFC and operates globally across the USA, UK, UAE, Costa Rica, Nepal, and Sri Lanka. Muthoot Finance is India’s No.1 most trusted financial services brand as per TRA’s Brand Trust Report. It is not only an Upper Layer NBFC (NBFC- UL) but also a Systemically Important Company. As part of the core business, Muthoot Finance provides loans secured against household gold jewellery at highly affordable rates and amazing product features. For more details, please visit: www.muthootfinance.com.