Tackling the black market problem

Jay Vix, Director of Strategic Partnerships at Transfast, in a statement, noted that the unresolved issues with black market trading was negatively affecting the economies of developing countries all over the world, especially countries like Nigeria.

According to the statement, the IMTC, which is the largest international money transfer conference in the world, would help profer solutions to the problem and negative impact of the forex black market in Nigeria and other developing countries around the world.

Many leading remittance companies including Western Union, MoneyGram and Transfast, will be present at the event which will take place at the Nobu Eden Roc Hotel in Miami Beach, Florida, the statement said.

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Attendees are expected to brainstorm on achieving lasting solutions to ensure that the black markets do not continue to strangle the advent of various remittance markets across the world.

“We are very happy, at IMTC, to have speakers such as Joe Tumbarello, COO/CFO of Transfast, especially because he is a very experienced executive in the payments arena and the money transfer industry needs the insights opinions of individuals like him that are transforming the industry amidst the challenges that we face,” said Hugo Cuevas-Mohr, Director of IMTC.

Back in August, the Central of Nigeria (CBN) temporarily suspended numerous  remittance companies leaving consumers only three principal US money transfer operators.