Money Transfer Operators (MTOs)

Money Transfer Operators (MTOs) are companies that facilitate the secure transfer of funds from one individual or business to another, often across different locations or countries. They provide convenient services such as remittances, allowing people to send money quickly and efficiently without needing a bank account. Examples include Western Union and MoneyGram. MTOs typically operate through agents, agents’ locations, or online platforms, ensuring access to financial services even in areas with limited banking infrastructure. They play a vital role in global financial flows, especially for remittances sent by migrant workers or individuals supporting family members abroad.