Cuba is becoming one of the significant donors in the region, surpassing the growth recorded by the Dominican Republic and Guatemala, the two other fast growing remittances markets in Latin America.
For several decades this market was under US embargo. The rapprochement policies between Cuba and US have given a huge boost to this segment. In 2016 the company expects Cuba to keep its growth (up to 17% per year), as far as remittances is concerned.
Tempo Money Transfer just started its operations in Cuba in alliance with More Money Transfers. The Paris-headquartered company and Uruguay-based operator established the joint project and commenced remittances from Tempos locations in France and Germany with the option to receive funds in More Moneys locations in the country.
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