Migom system stops operating in Armenia

06.09.2012 15:46
Migom system stops operating in Armenia

YEREVAN, September 6. /ARKA/. The Central Bank of Armenia said Thursday the permit for  Migom payment system to operate in Armenia is no longer valid.

Migom system, since 2008, giving no explanations has restricted its access for a number of Armenian banks’ branches, according to the CBA.

“Participation of the Armenian players in such system directs threats to the stability of financial system, and/or liquidity level, and/or solvency (of its participants),” the source states.
That is why, bearing in mind Point 5 of Article 5 and Point 4 of Article 8 of payment systems and organizations law, the Central Bank of Armenia states that Migom’s permit to operate in Armenia is no longer valid.

MIGOM is an international system of monetary transfers for individuals, who can send/receive money  without opening a bank account. It was launched in European Trust Bank. —0-


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