MoneyGram breaks Western Union and the Post’s monopoly in Gabon

The money transfer monopoly in Gabon, held by Western Union and the Post, have been broken with the arrival of MoneyGram in the country. This follows the partnership agreement signed by the Development Bank of Gabon (BGD) and MoneyGram, one of the world leaders in money transfer based in Minneapolis, US. The contract was signed at the headquarters of MoneyGram by the MoneyGram President Tony Ryan and the Managing Director of BGD, Christian Bongo. Through the partnership, BGD hopes to offer Gabonese the possibility to transfer money at a lower cost. The BGD, which has branches in all the nine provinces of Gabon, will use its network of agencies to transfer money through MoneyGram, which has 150,000 agencies in more than 170 countries.