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Mixed Year for Money Transfer

Mixed Year for Money Transfer

2016 has been a mixed year for money transfer. The Nigerian government began clamping down on money transfers to the country this summer. This sudden change was sparked by Nigeria’s central bank as it suddenly changed its policy towards money transfer companies around the world. This policy change effectively prevents many of the nation’s diaspora from sending money home. The moved was called “draconian” by World Remit, it being one of the operators affected by the policy change.

 

World Remit’s CEO Ismail Ahmed exclaimed that the move was an ‘...arbitrary, inexplicable and hugely detrimental to the Nigerian diaspora, who rely on hundreds of money transfer companies and banks, providing them with choice, convenience and competitive pricing’

 

In other news and on the brighter side the money transfer industry welcomed some new players as it evolves and provides consumers with greater choice and allowing them to save more on remittances. MyPoolin, a group payment app has introduced peer to peer transfers this year while Yes Bank, india’s fifth largest private sector bank launched SIMs ePAY as their new transfer product. InstaRem a money transfer start-up based in Singapore raises $5 million in investments in order to make money transfers that much cheaper.

All in all, it's been a mixed year for the money transfer market with some good and some bad news. Let’s hope 2017 is all great news. From all of us at SendThatCash we wish you the happiest of new years with health, wealth and happiness.


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