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MoneyGram (MGI) Collaborates With UAE-Based LuLu Financial

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MoneyGram International, Inc. (MGI - Free Report) has partnered with LuLu Money. With the partnership, the MoneyGram API-driven platform will be used by LuLu Money to expand its global network and to gain access to leading consumer-centric capabilities.

LuLu Money is a UAE-based company, falling under its parent company LuLu Financial Holdings, which is also a UAE based non-banking company. It primarily deals in foreign exchange and global money transfers. It is available in most of the countries for international transactions. LuLu Money has a multi security level transaction platform. It has more than 5 million customers and has a record of making transactions of above $1.1 million annually.

Lulumoney seems the best fit for MoneyGram, given its current record of remitting more than $149 billion revenues across Asia and Pacific and it is expected to increase in the future.  

The new partnership will expand the network and serviceability of MoneyGram in the Asia-Pacific and Oman. MoneyGram transfers will be available through the network of LuLu Money branches, liaison offices, and over 50,000 trusted agents.

It is expected that the new collaboration will develop e-wallet features on the website and as well as an app, on the spot transaction for local and international clients. It also includes an additional feature of bill payments.

MoneyGram, headquartered in Dallas, is the second-largest money transfer company in the world. It caters to both individuals and businesses globally. Individuals use the company’s services to transfer money from any country where MoneyGram has an agent location.

Shares of this Zacks Rank #5 (Strong Sell) company have risen 15.8% in a year’s time, underperforming its industry's growth of 17%. Nonetheless, the company’s policy to ramp up its growth and its strong capital position should continue to drive shares higher.

Stocks to Consider

Some better-ranked stocks in the same space include AXA Equitable Holdings Incorporation (EQH - Free Report) , CIT Group, Incorporation (CIT - Free Report) and Moody’s Corporation (MCO - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

AXA Equitable operates as a diversified financial services company worldwide. Its four-quarter positive surprise is 12.40% on average.
CIT Group provides banking and related services to commercial and individual customers. It came up with a four-quarter positive surprise of 8.77%, on average.

Moody's provides credit ratings; and credit, capital markets, and economic research, data, and analytical tools worldwide. Its earnings managed to beat in estimates in three of the last four reported quarters, the average positive surprise being 4.51%.

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