Western Union has now resumed its money transfer services in the Maldives.
Western Union’s local agent in the Maldives is Island Financial Services, operated by the Villa Group. Western Union money transfer services were suspended after the Maldives Monetary Authority (MMA) withheld the license issued to Island Financial Services Private Limited to provide remittance services on August 8.
Island Financial Services stated its license was withheld to bring immediate changes to the Western Union local application.
MMA stated that it has reversed its decision to withhold the license on August 18. Island Financial Services has since resumed the money transfer services at Western Union.
Western Union’s service is used by a large number of expatriates living in the Maldives to send money to their home countries. Some Maldivians also use Western Union services.