Money at your convenience
Post & Parcel speaks to Sebastian Plubins, Ria’s EMEA & South Asia Managing Director, to find out why the company is being chosen by more and more postal institutions around the world to provide money transfer services. Why are Post offices such a good place for money transfer?
Post Offices represent the largest national retail network in almost all countries in the world. They were designed to be the most efficient and inclusive way to send and distribute letters, but they are also the most efficient and inclusive mechanism to distribute almost any kind of goods or services. In our case, Money Transfer Services.
How does Ria Financial help consumers?
Ria’s arrival to the postal market has meant an increase in competition, helping deliver more convenient and affordable services to the customer.
Why have Ria succeeded where other money transfer companies have failed?
Ria is the first money transfer company based on a low cost business model that has a parallel with EasyJet in airlines. This model serves both the customer, with more affordable prices, and the Postal Institution, that enjoy larger volumes. Ria arrived into European postal territory in 2012 with an indirect agreement that opened the doors to partners like Bulgarian Posts (2,981 offices) or Portugal’s PTT (2,537 offices). Our low cost model has allowed us to become the third largest money Transfer company in the world, and soon to be the second largest.
Which countries have you recently partnered with?
In 2014 we signed an agreement with the largest distribution chain in the world, the US company Walmart, for Money Transfer Services. We recognise that Postal Institutions have a particular nature, so we have created a dedicated unit specialized in them. In January 2015 we signed with Polish Post, the largest commercial network in Poland, for our Money Transfer Services and we now offer money transfer services at all of their 4,747 locations. This new sending and receiving money transfer service is considered unique because Ria is the first money transfer company to offer a sending and receiving service through Polish Post.
Can you describe the work you are doing with postal organisations in Africa?
At the end of 2014, Burundi’s National Post choose Ria to launch its first international outbound money transfer service. Burundi’s National Post Administration, also known as Régie Nationale des Postes (RNP), follows several other Postal organizations in Africa. In 2011, Ria Financial became a partner of La Poste in Senegal, with 211 offices and the Société des Postes du Togo (78 offices). In all cases, post offices serve as the destination and pay out point of our transactions. The Ethiopian Postal Services (407 offices) signed with Ria in 2013 while Kenya’s Postbank did it in 2014.
Where is Ria Financial setting its sights on now?
Ria’s strategy is to target all the large distribution networks all over the world. We are looking for opportunities in European and Asian markets where Postal Institutions are willing to expand their offer. We are also interested in all the countries that have banned by law exclusivity agreements for Money Transfer Services. This opens for competition a previously closed area in countries like Tunisia or Nigeria.