If the international remittances market has a centre it is on the high plains to the south-east of Denver, Colorado, where Western Union has its headquarters.

The company has a share of about 14 per cent of an industry that generated an estimated $14.4bn (£7.2bn, €10.6bn) in revenues last year. But its influence is felt in every corner of a rapidly growing but highly fragmented market. “The gap between Western Union and its nearest competitors is considerable,” says Gwenn Bézard, remittances analyst at Aite, the Boston-based consultancy. “It has a tremendous scale advantage.”