Manappuram ties-up with Ria for money transfer

Gold loan NBFC, Manappuram Finance has tied up with Ria Money Transfer, a global leader in international money transfer and payment services, to provide inbound remittance payout services throughout India.

This partnership allows more Ria customers to send money to beneficiaries, enabling quick cash pay-out on inbound money transfers up to Rs 50,000. Remittances of higher amounts are also permitted, subject to fulfilling additional requirements.

Ria’s current global network spans 147 countries with services in over 272,000 locations. It is a subsidiary of Euronet Worldwide, a leader in processing secure electronic financial transactions.

In 2014, Ria obtained a Money Transfer Service Scheme (MTSS) license from the Reserve Bank of India and now Manappuram Finance will act as its sub-agent in India. The service is now available at nearly 3,300 Manappuram Finance branches.

“Manappuram is actively diversifying its business and we see the money transfer business as offering a great opportunity to expand fee-based income. Ria Money Transfer is an ideal partner for us with their large network and their fast, reliable and secure money transfer service,” V P Nandakumar, MD and CEO of Manappuram Finance said.

“With the MTSS license we are consolidating our business and ensuring the future growth of Ria in the number one remittance receiving country in the world,” said Ria’s CEO and President, Juan Bianchi.

“By working directly with Manappuram, we are strengthening our network throughout India and continuing to make remittances more affordable for the many migrant workers who need to send money home to their loved ones,” he said.

MTSS is a quick and easy way to transfer personal remittances from abroad to beneficiaries in India. The purpose of these remittances may include family maintenance, as well as remittances to foreign tourists visiting India. The MTSS is structured to connect reputed money transfer companies abroad with agents in India that pay out remittances in local currency. MTSS licenses are issued by the RBI.

sangeethag@mydigitalfc.com

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