Western Union, First Bank Launches Outbound Service in Nigeria

Consumers in Nigeria can now send funds around the world at First Bank branches


western_union_1The Western Union Company (NYSE: WU), a leader in global payment services, today announced the launch of the outbound remittance service in Nigeria. Since the Western Union Money Transfer service was launched in Nigeria in 1995, consumers in the country have only been able to receive funds via the service. This launch therefore represents a significant milestone as it marks the first time outbound remittance has become available to the Nigerian community who are now able to send funds in minutes via Western Union around the world.

First Bank of Nigeria Limited (FirstBank), Nigeria’s foremost banking institution, has become the first Western Union Agent to offer this service. The collaboration will enable Western Union consumers (as well as FirstBank’s customers) to enjoy Western Union’s new ‘outbound send’ offering through the bank’s branches.

The launch was commemorated with Godwin Emefiele, Governor of the Central Bank of Nigeria performing Nigeria’s first outbound transaction at FirstBank Abuja Main Branch, Central Business District, Abuja. Also in attendance was Western Union Regional Vice President for Africa, Aida Diarra and First Bank of Nigeria Group Managing Director/Chief Executive Officer, Bisi Onasanya.

Speaking at the event, Mr Emefiele said “We are delighted that Western Union has taken the lead in providing outbound remittance services to Nigerians. Today’s launch demonstrates the company’s proactive step in taking advantage of the Central Bank of Nigeria’s vision of creating an enabling environment for the emergence of innovative and superior financial products that reduce transaction costs for Nigerians and give them a chance at living better lives.”

Commenting on the launch, Aida Diarra, Regional Vice President for Africa, Western Union stated, We are very pleased to announce the launch of the “outbound send” service from Nigeria to destinations around the world. We anticipate that the outbound enabled service offering in Nigeria, Africa’s largest economy, will be instrumental in making positive economic impact in the country by supporting business growth, social development and financial inclusion”

She further stated that “We are at the forefront of innovation in the industry and we believe this service will respond to our new consumer segment needs. We pride ourselves in moving money for better by giving consumers access to a range of quality financial services in a convenient manner. This is further demonstration of our efforts to support the Central Bank of Nigeria’s objectives for financial inclusion.”

Speaking on the launch, Bisi Onasanya, Group Managing Director/ Chief Executive Officer, First Bank of Nigeria Limited stated “Having been the first to offer Western Union Services in the country as far back as 1995, we remain committed to delivering innovative customer solutions and are proud to be the first bank to offer yet another excellent customer focused solution – the Western Union Out Bound Service – to the Nigerian market. As a Brand, we remain committed to putting our customers first”.

The initial launch of the outbound service is currently limited to select FirstBank branches until the service is rolled out to Western Union’s over 5,000 Agent locations nationwide.

Western Union is a leader in continuous innovation in the Nigerian market by being the first to conduct outbound enabled remittance in addition to introducing new and modern services. Account Based Money Transfer (ABMT) and Mobile Money Transfer (MMT) which enable consumers to receive a Western Union Money Transfer in a bank account and on a mobile money wallet respectively, are an example of such services

Western Union also recently launched  www.WesternUnion.ng ; the new web site in Nigeria which allows the consumer to go online, log onto the website and direct funds they are about to receive to their personal account with any of the specified banks.

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