Firm loses license to operate money transfer business in Rwanda

The National Bank of Rwanda has revoked the operating license of Mustaqbal Express Limited, a money remittance firm operating in the country. According to a public notice signed by the Central Bank Governor John Rwangombwa, the firm is no longer allowed to operate money remittance services with the revocation taking effect at the beginning of August.

The National Bank of Rwanda has revoked the operating license of Mustaqbal Express Limited, a money remittance firm operating in the country.

According to a public notice signed by the Central Bank Governor John Rwangombwa, the firm is no longer allowed to operate money remittance services with the revocation taking effect at the beginning of August.

 

Officials at the central bank say that the operator was found to have failed to comply with “some regulatory requirements.”

 

The central bank is the sub-sector regulator and can revoke licenses of operators found to have flouted regulations and rules governing the sector.

 

According to their website, Mustaqbal Express was founded in November 1999 in the United Arab Emirates and operates international money transfer services and has presence in different parts of the world.

In Kigali, the firm was operating from La Bonne Addresse building in downtown Kigali city.

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