Migom money transfer system suspends activity in Uzbekistan

Business Materials 12 February 2014 19:37

Tashkent, Uzbekistan, Feb. 12
By Demir Azizov - Trend:

The Uzbek commercial banks, which worked with Migom money transfer, do not receive or transfer funds via this system now.

Currently, Ipotekabank, Turonbank and several other banks in Uzbekistan do not receive or transfer money via the Migom system.

The suspension is connected the revocation of their license by Russian bank "European Trust Bank" (Eurotrust). The Central Bank of Russia revoked Eurotrust bank's license for banking operations on Feb. 11.

There are more than 10 money transfer systems in Uzbekistan. The most popular of them are Western Union, UNIStream, MoneyGram, Contact, BLIZKO, Gold Crown, AsiaExpress, LEADER, InterExpress, Anelik, Coinstar Money Transfer, and Post of Russia.

Some 18 of 27 Uzbek commercial banks transfer money via these systems.

The Migom system covers two to three percent of the transfer market from Russia.

Translated by NH

Edited by CN