Accra (Greater Accra)
02 May 2002-Mastrex Africa Ltd has commenced the administration of a tender
process to permit banks to tender for licenses to trade on the Mastrex Trading
System. The tendering process is being administered by Delloitte and Touche.
This means that the four banks which will win the tender will together have the
opportunity to grow their foreign exchange business by at least $180 million. Following
the events of 11 September 2001, companies involved in the transfer of
remittances are under close scrutiny from regulatory bodies globally as they
are seen as a prime source for laundered moneys.
Money Transfer
Operators (MTOs) in remittance sending countries are looking to formalise their
operations. In many cases, this has resulted in MTOs needing to establish new
downstream distribution operations.
This is one of the driving forces behind Mastrex success with MTOs who have
currently pledged to transfer $180 million through the Mastrex Trading
Platform. Other advantages that Mastrex brings to MTOs include quick processing
time, lower transaction and operational costs, safe channels for collection and
a wider choice of distribution outlets.
Winners of this tender process are sure to undergo as steep growth curve in the
earnings. On the Mastrex System, banks are linked directly to several agents
upstream. There are no intermediaries, and no limits to the number of agents
participating on the system.
This means that banks
can receive funds from any agent who serves the countries for which they are
licensed. Mastrex is not delivered by an MTO, therefore, MTOs have the autonomy
over how they manage their businesses. They will continue to operate under
their own brands, and set their own rates
GRi…/
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