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Migrants, gold mine for Union Net, money transfer costs among highest in the world

2022-05-01 17:05:05Investigim SHKRUAR NGA REDAKSIA VOX

Migrants, gold mine for Union Net, money transfer costs among highest in the

In early 2020, the media denounced how union net was using the duopolis position, imposing the highest tariffs on money transfers in the region and among the highest in the world.

Union Net, which in Albania has the exclusive right of Western Union, was accused of imposing far higher tariffs and commissions than Western Union's own suggestion. But what does the company and its two main shareholders, brothers Edmond and Niko Leka, do? Instead of reflecting even a recommendation and objective of the Bank of Albania by lowering commissions, they found the name change as a solution.

On August 13th, through a meeting of the Assembly of Partners, where Edmond and Niko Leka own a 70 percent stake, out of 35 percent each, decide to merge Union Net into the company "Union Grup", where they again have a 70 percent stake and Edmond Leka is a manager. Meanwhile, on the ground Union Net changed its name and became the 'Tirana Financial Union'.

After this change, the official Union Net (https://unionifinanciar.al) website became THE FT. However, unlike Western Union, the commission's tariff page was set with different bands of money, but significantly higher than Western Union reference tariffs.

And the wolf changes the hair, but the habit of forgetting. Transfer commissions were not lowered and these tariffs weigh more heavily on the pocket of Albanian immigrants who send money to children, pensioners or other relatives.

In 2021, remittances captured the record figure of 761ml euros, meaning that of this money only the cost of serving transfers has cost about 60ml euros. The tirana financial union itself declares profit before taxation about 4.25 billion old leks.

Commissions in Albania are currently estimated at an average value of 9.5 per cent. Depending on the countries, for shipments from Italy commissions are 5 percent, while the most expensive are from Switzerland with a full 24 percent.

The cost of sending remittances globally is 7.4 percent, while the regional average is 7.25 percent. So in Albania the cost of sending remittances is more than two per cent higher than the regional and global average.

The figures released by bank of Albania reports are another proof that Albania ranks among the countries with the highest commissions in the world comparable to Afghanistan. The cost in Afghanistan is understandable because of the lack of infrastructure, but in Albania what increases this cost at a time that the Government has declared a digital revolution?

The answer only arrives from the duopoly, where union net converted into THE FT, or Edmond Money's Union Group owns over 60 percent of the market and under the logo of the western union franchise abuses tariffs.

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