MMBL Money Transfer joint venture generates over $ 200 m
MMBL Money Transfer increased its volume of business by 22% notwithstanding the COVID-19 epidemic in the country. The company contributed to the national economy by bringing in over $ 200 million as workers remittances.
The increase in turnover was made possible by introducing new financial products during the year, such as MoneyGram and Ria, in addition to Western Union Money Transfer. The company has plans to expand its business by introducing new financial products, which will help curtailing money laundering.
MMBL Money Transfer provides money transfer services under the brand name MMBL Money Master with the nationwide network of over 2,000 outlets. The network comprises banks, non-banking financial institutions, co-operative rural banks, corporates, and retail outlets including agency post offices. Therefore, MMBL Money Master has the unique advantage of offering a 365-days operation with extended service hours, which exceeds normal banking hours.
MMBL Money Transfer Ltd. is a joint venture between Aitken Spence PLC and MMBL-Pathfinder. The company is a primary representative in Sri Lanka for Western Union Financial Services Inc. of USA since 1995.