MoneyGram and tiqmo partner to serve Saudi money transfer market

MoneyGram and tiqmo partner to serve Saudi money transfer market

Global payments network MoneyGram has announced a partnership with tiqmo, a smart payment company and financial app in Saudi Arabia. Through this partnership, tiqmo users across Saudi Arabia can now send international money transfers to over 200 countries and territories via the global MoneyGram network.

With this integration, say the partners, tiqmo customers will gain access to more than five billion digital endpoints and over 480,000 MoneyGram locations worldwide, supporting send and receive options in over 120 currencies. Additionally, tiqmo provides a range of international financial services including bank account transfers, digital wallet transfers, cash pick-up, bill payments and mobile top-ups.

Described as one of the fastest-growing apps in Saudi Arabia, and licensed by the Saudi Central Bank, tiqmo has since its launch in 2024 established itself as a leading digital wallet in Saudi Arabia, and across the Middle East and North Africa (MENA) region.

The company says it selected MoneyGram as its cross-border payments partner due to the breadth of its extensive global reach, trusted infrastructure and strong footprint in Saudi Arabia – one of the world’s largest remittance markets.

Abdulaziz Al Ajlan, Managing Director at tiqmo says: “We believe that our partnership with MoneyGram will strengthen tiqmo’s portfolio of international financial services and connect our customers with a payment brand known around the world.”

According to the World Bank, Saudia Arabia was the second largest sender of remittances in 2022, with over US$39 billion flowing abroad. This new service is expected to benefit customers sending money to top recipient countries, such India, Pakistan, Bangladesh, the Philippines, Egypt, Indonesia and Nepal.

The new service is now live and available to all tiqmo users in Saudi Arabia.

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