Nouvobanq stops instant money transfer service 



The state owned bank, Nouvobanq has discontinued its instant money transfer service to its clients. 

Nouvobanq was using the Western Union transfer wire to offer this service to clients. 

The bank announced the decision this week but did not offer any explanation. 

Nouvobanq was the first commercial bank to offer instant money transfer to local clients through Western Union. 

Locals and foreigners living and working in Seychelles made particular use of the service to wire money abroad, especially to family members. It is a familiar scene at the end of each month to see hundreds of expatriate workers lined up in the bank’s HQ at Victoria House to use Western Union. 

The bank started the service in 2006.Since its first introduction, other businesses have stepped in to offer this service. 

For example, Double Click, which started as an internet café but has extended to other services, is today also offering instant money transfer via Western Union and Ria Money. 

The Seychelles Commercial Bank (SCB) is also offering instant money transfer but through Moneygram. 

T here are other financial institutions, especially bureaux de changes which are also offering instant money transfer, such as Cash Plus and Vision Money Transfer. 


Source: LSH 9-22-16