UAE telecoms operator Etisalat, which saw $1.8 billion moved over its network last year via money transfers, has sought regulatory approval to expand its financial services offerings in the Gulf region, home to millions of expatriates.
Mobile money services allow customers to pay bills or make remittances using SMS text messages, often at a cheaper cost than through banks or money transfer firms.
"Remittances are a huge business opportunity," George Held, director of products and services at Etisalat, told Reuters.
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