Central Bank Of Gambia Bans Major Money Transfer Services

Gambia’s Central Bank announced the suspension of three large major money transfer services in the country starting Friday June 21, reported All Africa. The money transfer operators, namely Ria, Money Express, and Wari, will be immediately removed from operations in the country’s foreign exchange market. The central bank suspended these operators due to speculative activity from market operators in the domestic foreign exchange market.

The bank released a statement that read, “Consequently, all Authorized Dealers and the General Public are advised that with effect from Friday, June 21, 2013, any foreign exchange transactions, including sale and purchases through these MTOs as well as transfer of funds through them and/or on their behalf is illegal.”

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