Reliance Money Express, an Anil Ambani Group company, today said it has entered into a tie-up with Muthoottu Mini Financier for offering money transfer services to customers in South India.
Reliance Money Express has been offering International inward cross-border remittances and money transfer services in association with Western Union to retail customers across the country.
As part of the agreement the company will offer money transfer services to customers across Tamil Nadu, Kerala, Karnataka and Goa through Muthoottu Mini Financier branches, Reliance Money Express said in a statement.
Muthoottu Mini Financier, a part of Mini Muthoottu Group, is amongst the leading NBFC in South India.
"South India enjoys a 50 per cent share of the total money transfer business across India. We believe our partnership would help both companies capture the huge growth potential in the money transfer business in this region," Reliance Money Express Director Vikrant Gugnani said.
As part of the agreement, Mini Muthoottu would be using the Reliance Money Express created platform for receiving money from over 200 countries. This money would be then dispensed to authorised customers from over 400 Muthoottu Mini branches spread across the region.
"This partnership is also in line with our strategy to offer enhanced and diversified range of services to more customers across our branches and banking network" Mini Muthoottu Group Chairman Roy M Mathew said.