The Western Union Company has resumed operations in Tajikistan. The company has still resumed operations in the country through Arvand Bank, while other partner banks of Western Union will be connected within a week.
The money transfer company Western Union has been integrated into the National Transfer Processing Center, according to the National Bank of Tajikistan (MBT).
“Beginning on December 23, citizens of Tajikistan may receive remittances sent to the country through the Western Union money transfer system,” an official source within the NBT told Asia-Plus in an interview.
“At the first stage, Western Union will carry out money transfer transactions through the Open Joint-Stock Company (OJSC) Arvand Bank and other lending agencies of the country will be connected to the system within a week,” the source added.
The NBT launched the National Transfer Processing Center on December 3 and wire companies Unistream and Contact were reportedly the first to abide by the rules and be integrated into the Center.
Tajik central bank had earlier noted that negotiations with other money transfer companies are under way.
Western Union is a money transfer leader. Today, millions of customers use Western Union technology to safely send money to family members for education, housing, and health care. More than 50,000 users, including businesses of all sizes, financial and educational institutions, and NGOs use its cross-border payments, risk management, and cash management solutions.
Western Union combines the required licensing; a pay-in network that includes both retail locations and digital and account payouts; a settlement mechanism that interacts with all these pay-in locations and calculates currency conversions on both the send and receive ends; and tracking and risk-assessment technology to support compliance with local regulations.
In 2018, the company reportedly completed more than 800 transactions for its customers and business clients. Last year, western Union moved more than 300 billion U.S. dollars in principal around the world.
