(The following press release from the African Press Organization was
received by e-mail. The sender verified the statement.)
Western Union and Ecobank Launch Internet Account Based Money Transfer
(ABMT) service in Kenya
Ecobank customers in Kenya will have access to the Western Union® Money
TransferSM service via their bank accounts
LAGOS, Nigeria, November 15, 2012/ -- Western Union
(http://www.westernunion.com), a global leader in payment services, and
Ecobank Transnational Incorporated (Ecobank), a leading financial services
group in sub-Saharan Africa, today announced the launch of Account Based
Money Transfer service (ABMT) in Kenya.
Ecobank Retail Banking intends to offer the Western Union® ABMT service in
more than 2,600 Agent locations across its footprint of 31 countries in the
coming months. The new electronic service launch is an extension of the two
companies successful collaboration across Africa.
ABMT will allow Ecobank customers convenient access to the Western Union
service via internet banking and through any of the ATMs and kiosks in the
Ecobank network, enabling them to receive money in their accounts anytime
from any of the approximately 510,000 Western Union Agent locations around
the world. ABMT is also an offering that may attract formally unbanked
consumers to become banked and fully integrated into the formal financial
system thus taking financial inclusion to the next level.
Jean-Claude Farah, Senior Vice President, Middle and East Africa, Western
Union, said, Western Union is pleased to strengthen this mutually
productive and beneficial relationship with the inclusion of electronic
banking channels that are customer-centric and technologically advanced.
Further commenting on the launch, Aida Diarra, Vice President North, Central
and West Africa, Western Union, stated that, The inclusion of Account Based
Money Transfer systems reinforces our relationship with Ecobank. This also
demonstrates Western Unions continual commitment to providing reliable and
convenient world-class money transfer services.
Patrick Akinwuntan, Group Executive Director, Domestic Bank, observed,
Leveraging technology to take banking to the people by providing
convenient, reliable and affordable financial products and services is a key
part of Ecobanks strategy, therefore we are pleased to be partnering with
Western Union to be the first to offer such an innovative and convenient
banking service to our customers.
Linus Adaba, Group Remittance Manager, Ecobank, concluded, The financial
services industry is a major driver of Africas economic growth,
particularly as international migration continues to expand, fuelling the
global remittances market. Ecobank and Western Union play a pivotal role by
moving money across the continent in innovative and cost-effective ways.
Distributed by the African Press Organization on behalf of Western Union.
About Western Union
The Western Union Company (NYSE: WU) (http://www.westernunion.com) is a
leader in global payment services. Together with its Vigo, Orlandi Valuta,
Pago Facil and Western Union Business Solutions branded payment services,
Western Union provides consumers and businesses with fast, reliable and
convenient ways to send and receive money around the world, to send payments
and to purchase money orders. As of September 30, 2012, the Western Union,
Vigo and Orlandi Valuta branded services were offered through a combined
network of approximately 510,000 Agent locations in 200 countries and
territories. In 2011, The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of principal
between consumers, and 425 million business payments. For more information,
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated is the parent
company of the leading independent pan-African banking group. It currently
has a presence in 33 African countries, namely: Angola, Benin, Burkina Faso,
Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo
(Brazzaville), Congo (Democratic Republic), Côte dIvoire, Equatorial
Guinea, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi,
Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone,
South Africa, Tanzania, Togo, Uganda, Zambia, Zimbabwe.
The Group is also represented in France through its affiliate, EBI S.A., in
Paris. ETI also has representative office in Dubai, United Arab Emirates and
London, UK. ETI is listed on the stock exchanges in Lagos, Accra and the
West African Economic and Monetary Union (UEMOA) the BRVM in Abidjan. The
Group is owned by more than 600,000 local and international institutional
shareholders and private individuals. The Group has 18,375 employees in 36
countries worldwide and 1,197 branches.
Ecobank is a full-service bank providing wholesale, retail, investment and
transaction banking services and products to governments, financial
institutions, multinationals, international organizations, medium, small and
micro businesses and individuals. Additional information may be found at
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