Global money transfer company MoneyGram has signed an agreement with MTS, a Russian mobile phone retailer, to offer money transfer services in MTS stores across the country.

According to MoneyGram, the agreement will allow Russian and foreign citizens to transfer funds at any of its more than 334,000 locations worldwide.

Additionally, customers will be able to conveniently complete transactions in MTS retail offices without visiting the bank branches.

MoneyGram Russia regional director, Evgeny Butyugin, said: "MoneyGram’s agreement with MTS is a very important step in expanding our footprint in Russia. It also makes access to our services more convenient for our customers in Russia, enabling them to send and receive money from retail locations."

Currently, several Russian banks offer money transfers through MoneyGram, working alongside RNKO Payment Center. But by adding MTS as an agent, the number of locations will be increased at which MoneyGram’s services are offered.