MMBL Money Transfer responsible for inward remittances of over $ 1.6 b over the past decade

Tuesday, 26 February 2019 00:20 - - {{hitsCtrl.values.hits}}

MMBL Money Transfer Ltd. (MMTL) is a company licensed by the Central Bank of Sri Lanka to provide money transfer services in Sri Lanka. It is a principle agent for Western Union Global, and is a joint venture between MMBL-Pathfinder Group and Aitken Spence PLC. During the past 10 years of its operations between 2008 and 2018, MMTL has conducted over 5.3 million transactions, and has been directly responsible for bringing into Sri Lanka inward remittances amounting to over $ 1.6 billion.

MMTL operates through an island-wide network of 2000+ payout locations and is recognised as MMBL Money Master. The MMTL locations network includes commercial and development banks, co-operative rural banks, financial institutions – and most importantly – retail outlets, thus providing the widest choice of easily accessible ‘right next door’ locations for customers. MMTL has the largest and widest retail locations in this sector in Sri Lanka. Within a span of 22 years, the MMBL Money Master brand has become a household name in the island.

MMTL’s dedication and commitment to the foreign remittance industry has been recognised further by the Central Bank’s recent approval to offer an outbound money transfer service through Western Union, specifically for expatriate workers who are contracted to work in projects in Sri Lanka. MMTL is the only non-banking entity to receive authorisation to conduct outward remittances in the country. In addition, MMTL together with MMBL-Pathfinder is expected to launch a Central Bank approved foreign money exchange service ‘Pathfinder Money’ in the coming weeks.