Golden Crown—7.8 Million Money Transfers in 2010


According to data published by the Central Bank of Russia, 30% of all money transfers between Russia and the CIS countries in the fourth quarter of 2010 that were made without opening an account were carried out through the Golden Crown System. Based on the annual results, Golden Crown increased its overall market share by 240%, in comparison to the previous period. Thirty percent of all financial transactions between the Russian Federation and Tajikistan, Azerbaijan, and Kyrgyzstan are made through the Golden Crown—Money Transfer System, as are 25% of transactions between Russia and Uzbekistan and Kazakhstan. In 2010, the Golden Crown System processed 7.8 million transactions—3.5 times more than in the previous year.

‘In 2010 we met all of our objectives. We significantly expanded the network infrastructure and took a leading position in the key area of money transfers between Russia and the CIS,’ commented Ivan Sitnov, the Director of Golden Crown—Money Transfer System. ‘Currently there are over 24,000 Golden Crown service locations, 10,500 of which are located in the CIS. Golden Crown had $3.9 billion in sales transactions in 2010, this is an increase of 245%.’

The money transfers are an important source of revenue for Golden Crown, and the countries where most of these transactions take place are Tajikistan (51% of incoming money transfers and 39% of outgoing transfers), Kyrgyzstan (50% and 36%, respectively), and Azerbaijan (40.5% and 32.3%). More than 25% of all the cash transferred from Russia to Uzbekistan and Kazakhstan was processed through the Golden Crown System.

In 2010, the average market transfer from Russia to the CIS was $486. The average transfer through the Golden Crown System is over $500.

‘We have equally ambitious goals for 2011,’ claims Mr Sitnov. ‘Our priority will be to increase our market share of money transfers from Russia to Ukraine and Moldova, and we will continue to strengthen our positions in Uzbekistan, and develop our service infrastructure by both opening more service locations and expanding geographically. But our biggest focus will be on continually improving the quality of our service for our partners and end users, in order to make it as accessible and commercially viable as possible.’