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Labour migrants to be able to transfer money from Russia on credit
Zolotaya Korona, the payment services system, will enable labor migrants to send money from Russia on credit starting from October 11.
According to the Vedomosti newspaper with reference to Nikolai Smirnov, the company board chairman, migrants will be able to receive small amounts of 5-15 thousand rubles at the initial stage. Interest will not be accrued within 21 days, with the interest rate of 1% per day to be applied after that.
The service will be initially available at all Megafon retail outlets, and later Zolotaya Korona plans to expand the service within their entire infrastructure. The loans will be provided by the Strana Express microcredit company.
Zolotaya Korona will earn on the new product from fees. The base rate will be 1% of the payment amount, but not more than 1000 rubles, 20 dollars or 15 euros.
In June, $720 million were sent to the CIS countries through money transfer systems. This is the best result in three years. The number of labor migrants, who are the core customers of money transfer systems, dropped in 2020–2021, while their incomes increased substantially to become the growth driver for the remittance flows to their homelands.