Cross-border remittance providers are warning that strict anti-money laundering regulations introduced last year are driving up costs and causing severe delays for migrant workers sending money from South Africa (SA) to Lesotho.
The regulatory changes, aimed at curbing illicit financial flows, have saddled money transfer operators with heavy compliance procedures. Experts warn these barriers threaten financial inclusion and disrupt regional labour markets that rely heavily on these cash lifelines.
Mukuru’s Lesotho Country Manager, Maleseli Mohapinyane, says the economic strain on Basotho workers has forced the operator to step in directly to slash its own transaction fees in an effort to shield families from the rising costs.
–ChannelAfrica–
