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| A Better Way to Wire Cash Home |
| 3 January, 2007 |
Atsumasa Tochisako's $2 million, 60-employee microfinance and remittance processing upstart, Washington [D.C.]-based Microfinance International (MFIC), wants to shake up the $268 billion worldwide remittance industry, traditionally dominated by Western Union (WU). By partnering with UAE Exchange, a powerful finance company headquartered in the United Arab Emirates with real-time remittance transfer capabilities in 75 countries, MFIC will offer one of the most extensive networks in the world by the end of January.
With more than 30 million potential customers and 20,000-plus agent locations, MFIC will see its remittance processing capability expand from its current reach of 10 countries in Latin America to 85 countries, with additional locations in Asia , Eastern Europe , and Northern Africa . Western Union has some 245,000 agent locations in over 200 countries and territories.
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