Remittances service deadline fast approaching
Commercial banks in Liberia have been reminded that they do not have long to adopt the new policy on remittances.Commercial banks in Liberia have been reminded that they do not have long to adopt the new policy on remittances.
The country's Central Bank has given banks until July 30th 2012 to comply with its recommendation to provide dual international money transfer services, the New Dawn reports.
Musah Kamara, a proxy for the body's executive governor, said that if they fail to do so, it will "accept no excuse from any commercial bank after this deadline".
The reminder was issued after First International Banking started providing money transfer services from both Western Union and MoneyGram at the same time.
Mr Kamara praised the financial institution for the move and its prompt efforts to adhere to the Central Bank's recommendations, as it is the first to do so.
He added that this approach, which has been under consideration for over 12 months, will make banks more profitable and make remittance services more convenient for people in Liberia.