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Like many people in crisis-hit Lebanon, Elias Skaff used to attend for hours to withdraw money at the bank but now prefers money switch firms as belief in lenders has evaporated. Once the flagship of Lebanon’s economic system, the banking sector is now extensively despised and averted after banks barred depositors from accessing their financial savings, stopped providing loans and closed tons of of branches and slashed thousands of jobs. Skaff mentioned he now receives his money via a Beirut department of Western Union’s Lebanese agent OMT, which says it operates greater than 1,200 branches nationwide and handles 80 % of money transfers outdoors the Lebanese banking sector.
