Facebook is planning to offer financial services in the form of a money transfer service, reports were claiming on Monday.

The social network could start providing electronic money that its users could store and use to pay and exchange.

The group is, according to the Financial Times, "only weeks" away from gaining regulatory approval for the services. It is said to be seeking a licence from Ireland, which if granted would give it status as an 'e-money' organisation.

Facebook's European, African and Middle Eastern divisions are head-quartered in Dublin.

The Financial Times quoted a "person familiar with the company's strategy" as saying: "Facebook wants to become a utility in the developing world, and remittances are a gateway drug to financial inclusion."

NR

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