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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Money Transfer Firms Replace Banks in Lebanon

Once the flagship of Lebanon's economy, the banking sector is now widely despised. AFP

Like many people in crisis-hit Lebanon, Elias Skaff used to wait for hours to withdraw cash at the bank but now prefers money transfer companies as trust in lenders has evaporated, AFP reported.

Anyone who relies on traditional banks to receive their money "will die 100 times before cashing it", said Skaff, 50, who has survived Lebanon's three-year-old economic downturn with the help of US dollar payments from a relative abroad.

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