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Standard Chartered Bank terminates money transfer service

Standard Chartered Bank has announced that it would stop offering Western Union Money Transfer service from January.

The bank said the termination is in line with banking act requirements.

“In terms of the Banking Act (Chapter 24:20) and in particular Requirements for Conduct of Banking Business, we hereby advise that we will no longer be offering Western Union Money Transfer services with effect from 25 January, 2014.

“Kindly use any of the other Western Union Agents for your transactions,” it said in a notice on Tuesday.

Western Union service has undoubtedly become a force to reckon with in the money transfer business across the world.

It was popular with many Zimbabweans in the diaspora who used the service to send money to their relatives and family members in Zimbabwe.

During the economic meltdown in Zimbabwe, Western Union and other money transfer services provided a lifeline for many people, who would receive the much needed foreign currency and exchange it for large amounts of the local currency.

In January this year, the global money transfer company Western Union (WU) begun handling local transactions as competition to tap the unbanked funds intensified.

It came on the back of an influx of various money transfer platforms being launched mainly by mobile network companies such as Econet Zimbabwe’s Ecocash and NetOne’s One Wallet.

People sending between $25 and $50 pay a $2 commission, while $3 will be charged for sending $51-$100. Amounts above $150 attract a four percent charge.

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