Western firms ‘overcharging for cash transfers to Africa’

Western Union Popular in MalawiBritish and American money transfer companies — Western Union and Moneygram — have been accused of charging clients too much for remittances to Malawi and other African countries and thankfully now the UK government’s consumer watchdog wants their conduct investigated.

The allegation comes amid reports that the excessive charges have resulted into the loss of about $1.8bn a year to the receiving continent from money sent home by the Diaspora in the rest of the world, according to the UK’s leading international development think-tank, Overseas Development Institute (ODI).

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