September 6, 2024, 8:00 a.m. • News and Promotions~MoneyGram in the News
We are proud to showcase our commitment to making a meaningful global impact through our 2023 Social Impact Report.
This year, we highlight significant strides across our four Pillars of Purpose: Philanthropy, Inclusion & Belonging, Volunteerism and Corporate Citizenship. These pillars represent the core values that guide our efforts to contribute to the communities we serve around the world, foster a culture of inclusivity and lead by example in corporate responsibility.
MoneyGram deepened its commitment to philanthropy through a strategic partnership with GlobalGiving in 2023. This collaboration enables our team to support targeted, charitable projects worldwide, focusing on areas where our assistance can create lasting change.
Through this partnership, we directed over $600,000 in funding to 15 projects across 12 countries. These initiatives ranged from supporting financial education in underserved communities to providing disaster relief and economic empowerment opportunities. Each project reflects our belief in the power of giving back and our responsibility to contribute to a more equitable world.
Our commitment to continuing to cultivate an inclusive workplace is stronger than ever. In 2023, we saw remarkable results from our Employee Engagement Survey, with 90% of our team members affirming that MoneyGram is a diverse, inclusive and respectful workplace. This positive feedback underscores our efforts to create an environment where everyone feels valued and included, regardless of their background.
Volunteerism is at the heart of our social impact strategy, and 2023 was a year of significant growth in this area. Our employee-led RED Teams organized 66 volunteer events across 18 cities, marking a 32% increase in activity compared to the previous year. From hosting food drives to volunteering at community events, our employees' passion for making a difference was clear. We’re grateful to our leadership for offering dedicated volunteer days, allowing all employees to give back to their communities without using their paid time off. We’re excited to build on this momentum and continue making a difference in the years ahead.
MoneyGram plays a critical role by offering its global network and infrastructure to humanitarian organizations around the world removing barriers facing crisis-stricken and underbanked communities. MoneyGram has partnered with Stellar Development Foundation, Circle and Vibrant as well as collaborated to launch Stellar Aid Assist, to deliver instant and transparent digital aid at scale.
The United Nations’ 2030 Agenda for Sustainable Development outlines 17 Sustainable Development Goals (SDGs) and recognizes that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth.
SDG 10 aims at reducing inequality within and among countries, and Target 10.c of the goal aims to reduce the costs of migrant remittance transfers to less than 3%, saving remitters $20 billion annually. MoneyGram upholds its commitment to deliver value to our customers through an average remittance cost of 2.85% in 2023, well below the industry average (6.3%) and in line with the UN’s target.
We continue to take a stand against child exploitation through our partnerships with the International Centre for Missing & Exploited Children (ICMEC) and our active participation in the Financial Coalition Against Child Sexual Exploitation (FCACSE). With MoneyGram leaders like Craig Bernier, Chief Compliance Officer, and Mina Kaneda, Head of Compliance, at the forefront of these efforts, MoneyGram not only provides financial support but also contributes expertise and thought leadership to combat this global issue.
As we reflect on our achievements in 2023, we are inspired by the progress we have made and the impact we have had on communities around the globe. However, we recognize that our work is far from complete. We remain committed to our mission of driving positive change and will continue to focus on our four pillars of purpose. We invite you to join us on this journey by learning more about our efforts in the full 2023 Social Impact Report.