A money exchange firm in the UAE that was shut down by the Central Bank has started to refund to customers their undelivered remittances.
Smart Exchange is refunding customers who had Wages Protection System (WPS) Accounts as well as remittances that were not processed before it was shut down.
Earlier, the Central Bank ordered the closure of Smart Exchange’s six branches after customers complained of delayed remittance.
The money exchange’s main branch in BurJuman will remain open for the next six to 10 days to cater to 100 WPS customers, who have yet to pick up their wages.
Smart Exchange was one of the 65 money exchange firms in the UAE that offers overseas remittance service, currency exchange, and wage distribution.
Among its customers is a Dubai-based company that availed Smart Exchange’s services to distribute its employees’ salaries.
Smart Exchange currently has Dh3 million in bank guarantee, which is deemed not enough to compensate the customers who lost their money, according to Gulf News.
The report added the company violated Central Bank regulations that mandate exchange houses to increase their bank guarantee from Dh3 million to Dh50 million.
