International money transfers now available via CMO mobile app

BEIRUT: For the first time in Lebanon, customers can send international money transfers anytime and anywhere that is convenient to them thanks to the partnership between Cash United, a MoneyGram agent, and CSSBank SAL, the owner of CMO mobile app.

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 with 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 involved also an anti-money-laundering and consumer fraud protection training delivered by the SIC, MoneyGram and Cash United experts. The meeting, attended by the representatives 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. The compliance training was also an occasion for MoneyGram and Cash United to announce the renewal of the partnership agreement for eight more years. Money transfer services will continue to be available at hundreds of Cash United locations across the country for customers looking for a way to send and receive cash or transfer money directly to a bank account. “Cash United 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 to 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, as more remittances are being received that send out. However, in the recent years, the volume of the outbound transactions has been growing significantly. According to the World Bank data, in 2017 nearly $7.9billion flowed into Lebanon, accounting for 14.6 percent of country’s GDP. Key sending countries are Saudi Arabia ($1.5 billion), the US ($1.2 billion), Australia ($904 million), Canada ($810 million), and Germany ($835 million).