Manappuram Finance Announces Partnership with Ria Money Transfer

• Tie-up to expand remittance payout services in India under RBI’s Money Transfer Service Scheme

• Service available at nearly 3,300 Manappuram Finance branches, including 80 locations in Punjab and Chandigarh                                                                                                                                                                                

Manappuram Finance Ltd., the leading gold loan NBFC, has announced a tie-up with Ria Money Transfer (“Ria”), 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 their families and friends in India and provides greater convenience for beneficiaries, enabling quick cash payout on inbound money transfers up to INR 50,000. Remittances of higher amounts are also permitted, subject to fulfilling additional requirements.

In 2014, Ria obtained a Money Transfer Service Scheme (MTSS) license from the Reserve Bank of India (RBI) and now Manappuram Finance Ltd. will act as their sub-agent in India. The service is now available at nearly 3,300 Manappuram Finance branches, including 80 locations in Punjab and Chandigarh.

Speaking about the partnership, Mr V.P. Nandakumar, MD and CEO of Manappuram Finance Ltd., said, “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.”

“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. Ria is also aligned with Manappuram’s vision to bring convenience to the people of India and we welcome them as our partner.”

The 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.

About Manappuram Finance Ltd:

Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala.  The company went public in August 1995 and its shares are listed on the BSE and NSE stock exchanges.

As of March 31, 2015, Manappuram Finance Ltd. had 3,293 branches across 27 states and UTs with assets under management (AUM) of Rs.95.93 billion. The company’s net worth stood at Rs.26.32 billion.

About Ria Money Transfer: 

Ria is a global leader in money remittances and is a recognized benchmark in both quality and service. Ria initiates transfers through a network of sending agents and company-owned stores located throughout North America, Latin America, Europe, Asia-Pacific as well as online from the United States at www.riamoneytransfer.com.

Ria’s current global network spans 147 countries with services in over 272,000 locations. Ria is steadfast in its commitment to customers and remains ingrained within the communities in which they live.

For more information visit www.riafinancial.com and www.riamoneytransfer.com

Ria is a subsidiary of Euronet Worldwide, Inc. (Nasdaq: EEFT), a worldwide leader in processing secure electronic financial transactions. Through three business segments – Electronic Financial Transactions (EFT), epay Prepaid Products and Money Transfer – Euronet offers a diverse portfolio of electronic payment alternatives to customers in approximately 165 countries. In addition to global money transfer services, Euronet's product portfolio includes comprehensive ATM services, point-of-sale processing, and card outsourcing services, prepaid mobile airtime, and other prepaid content and mobile operator solutions.