Small World collapse means crucial money transfers 'are not arriving'

The collapse of UK firm Small World means vital money transfers are not arriving. People in developing countries are particularly affected after the business stopped processing transactions, in a major blow as the worldwide Cost of Living crisis continues.

The company, part of LCC Trans-Sending, which allowed users to send cash for pickup collection in more than 170 countries, ceased trading on 10 June. “Small World UK and its associated group businesses have ceased receiving or processing new money transfer transactions through its agents, branches, websites and mobile applications,” a statement on the company’s website said.

Judith Anderson, a Small World customer from Cardiff, said she had used the service for the last 10 years without a problem but her most recent £400 payment, made at the weekend and destined for four families in the Gambia, has failed to arrive.

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“This is a big inconvenience for me but it is a disaster for the families that I send money to who rely on it to buy rice each month. There will be thousands of others around the world who will have been waiting for money they rely on who won’t have received it,” she said.

Payment services company LCC Trans-Sending Limited (LCC), trading under names such as Small World Money Transfer, Small World Financial Services, Express Funds, Global Link, and Bayba (UK), has confirmed that it will no longer take on new clients.

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Grant Thornton has told customers it is seeking to return amounts owed to UK customers “as soon as possible”. It said: “This will require securing all books and records and undertaking a review exercise of amounts owed to customers. Unfortunately, while this work is being undertaken customers will not be able to access the amounts owed to them.

“Customers should note that when the special administrators are able to process amounts owed, such amounts will be reduced by costs associated with recovery and return to customers.”