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MoneyOnMobile Announces $3.75 Million Expanded Credit Facility from Yes! Bank
MoneyOnMobile Announces $3.75 Million Expanded Credit Facility from Yes! Bank.
About this update from Moneyonmobile, Inc
[{"type":"text","content":"\n\n\n\nMoneyOnMobile Announces $3.75 Million Expanded Credit Facility from Yes! Bank\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nMoneyOnMobile Announces $3.75 Million Expanded Credit Facility from Yes! Bank\nNew credit expansion expected to increase domestic remittance processing volume\nPR Newswire\nDALLAS and MUMBAI, India, May 9, 2017\n\n\n\nDALLAS and MUMBAI, India, May 9, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQX: MOMT) announced today an agreement pursuant to which YES! Bank has agreed to increase the Company's secured credit facility to $3.75 million (USD) from $1.5 million (USD). The Company was originally issued the credit facility in December 2016, and, through increased domestic remittance processing volume and general business growth, was able to secure the increased facility. Domestic digital cash remittances from person to person remain a cornerstone of MoneyOnMobile's revenue generating services. \n\n\n \n \n\n \n\"The proceeds from the original credit facility allowed us to serve the strong demand for domestic, person-to-person cash remittances that we are seeing in India, as evidenced by a 71% increase in the number of domestic remittance transactions from January 2017 to April 2017. We believe the demand for cash to digital services continues to be strong, and this expanded line of credit will allow our merchants to take on even more domestic remittance transactions,\" said Harold Montgomery, Chairman and CEO of MoneyOnMobile. \"The increase in our line of credit also speaks to management's commitment to using non-dilutive capital whenever possible to preserve and build shareholder equity.\" \n\nAbout MoneyOnMobile, Inc.MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 330,000 r...