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Thanks to the partnership between CashUnited, a MoneyGram agent, and CSCBank SAL, the owner of CMO mobile app, Lebanese can now transfer funds anytime and anywhere in the world.
CMO is a new and innovative mobile-payment platform that offers an easy and quick way to transform any smartphone into a secure payment tool. Its network includes more than 15 banks and financial institutions.
CMO now lets you transfer money instantly around the globe in a few easy steps. Select the Money Transfer icon from the menu, choose MoneyGram and send the amount of your choice to any destination with just a few taps.
The new service was announced during a conference that also included an anti-money-laundering and consumer fraud protection training delivered by the SIC, MoneyGram and CashUnited experts.
The meeting, attended by the representatives from Lebanon Central Bank and CashUnited/MoneyGram’s subagents, is a part of both companies’ continuous commitment to compliance and protection of customers using money transfer services to support their family.
On the occasion, MoneyGram and CashUnited also announced the renewal of their partnership agreement for eight more years.
Money transfer services will continue to be available at hundreds of CashUnited locations across the country for customers looking for a way to send and receive cash or transfer money directly to a bank account.
“CashUnited is one of MoneyGram’s longstanding agents in the region. We have been working together since 1999 to bring inclusive financial services to the unbanked to provide them with a reliable financial connection to their loved ones abroad. Now we’ve accomplished another milestone by the addition of a convenient, digital channel to send money across borders,” said Paul Hanley, MoneyGram’s regional head, GCC & Levant regions.
“At CashUnited, we believe it is our duty to invest, train and inform our agents about the latest news and compliance techniques when it comes to money laundering and terrorism financing,” said Philippe Dagher, CEO of Cash United.
“We are also very proud of the launch of mobile service as it makes life easier for our customers to use latest innovations in money transfers,” added Dagher.
Lebanon is a dynamic remittance market, typically considered a “receive country” for money transfers. However, in recent years, the volume of outbound transactions has grown significantly.
According to the World Bank data, in 2017 nearly $7.9 billion flowed into Lebanon, accounting for 14.6 percent of the country’s gross domestic product (GDP).