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Nigeria : WESTERN UNION intros account-based money transfer service in NIGERIA.

An account-based money transfer service (ABMT) has been launched by Interswitch Transnational, and international payment services firm Western Union in Nigeria.

The customers would be able to get Western Union transfers directly into their bank account via the Quickteller website or from their bank s internet banking website through ABMT.

The requirement to visit a physical bank branch is being termnunated from the new service and also there is no extra charge for the receiver of funds for using the service.

Interswitch stated, The ABMT service has gone live with GTBank, Stanbic IBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service .

As per Mitchell Elegbe, group managing director and chief executive officer (CEO) of Interswitch, Interswitch is proud to be working with Western Union to introduce this new account-based money transfer (ABMT) service to the inward remittance market. This service ensures compliance with Central Bank of Nigeria regulations that make it mandatory for remittances into Nigeria to be account based. The Quickteller ABMT service allows recipients of funds to credit their accounts directly via the Quickteller website as well as the internet banking sites of participating banks. This eliminates the need to travel to bank branches to collect cash thereby saving on travel time and other attendant risks associated with cash. The solution is free to the receiver of the funds. Since the introduction of this service earlier in the year over NGN700 million (US$4.2 million) worth of transactions have been processed. Quickteller is a robust platform designed with a clear focus on the customer providing simplicity, convenience and security. The ABMT service further reinforces Interswitch s commitment towards the consistent delivery of simple, convenient and innovative customer solutions.

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Publication:Mena Report
Geographic Code:6NIGR
Date:Apr 1, 2014
Words:310
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