Ria, the third-largest global money transfer company and a subsidiary of Euronet Worldwide Inc. (NASDAQ:EEFT), announces expansion of its payout network in the Philippines by signing a correspondent agent agreement with Cebuana Lhuillier. According to the World Bank, the Philippines are ranked fourth among the top ten developing countries with $23 billion in 2011. The agreement expands Ria’s payout network in the Philippines by more than 1,600 Cebuana Lhuillier payout locations, many of which are open 24/7. Cebuana Lhuillier branches are strategically placed and operated in rural areas where banks may not be present.
“We are extremely pleased to announce the addition of Cebuana Lhuillier to our growing global correspondent network. Cebuana Lhuillier has been serving consumers in one of Ria’s primary corridors for more than 25 years, and now together we will offer fast, reliable and affordable money transfer services in more convenient locations throughout the Philippine islands, ” said Juan C. Bianchi, President and Chief Executive Officer, Ria. “We look forward to a mutually beneficial, exciting, and long-term relationship with Cebuana Lhuillier.”
“We are very enthusiastic about the Ria – Cebuana Lhuillier alliance as we will be closer to the remittance clients through Ria’s expanding global network of over 155,000 locations.” said Andre Lhuillier, Vice-president Cebuana Lhuillier Services Corporation.
Ria Financial Services was founded in 1987, and today, Ria is the third largest money transfer company in the world, with a global network of 155,000 locations in 136 countries on 6 continents. In addition to Money Transfer services, Ria offers bill payment, mobile top-up, prepaid debit cards, check cashing and money orders.
Ria is committed to bringing payment convenience to our customers and to millions of people who have not had it before. We always strive to offer service excellence and the most competitive, reliable remittance payment services to the world.
Ria Financial Services is a wholly owned subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT).
Cebuana Lhuillier Pawnshop has been the leading pawnshop chain in the Philippines with over 1,500 branches across the country—from Aparri to Tawi-Tawi. For 25 years now, Cebuana has been true to its slogan “Walang Kapantay Magpahalaga” through the incomparable services that the company offers to its customers- this includes — pawning, local and international remittance, insurance, bills payment, e-load, collection, and foreign exchange. Founded in 1987 by the current Philippine envoy to Portugal, Ambassador Philippe Jones Lhuillier, Cebuana Lhuillier is currently managed by its President and CEO, Jean Henri Lhuillier.