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Money transfer services at risk as big banks opt to play in their own league

Published on December 01, 2015

Two surveys carried out by the World Bank between April and October this year show that unnamed large global banks are restricting or terminating their relationships with other financial institutions.

According to the global lender, the move puts at risk money transfer services, meaning that countries that depend on diaspora remittances for foreign exchange inflows will be affected.

The studies also indicate that business lines such as clearing of cheques and trade finance will also be affected, threatening cross-border trade. Read more. Source | Daily Nation