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Tag: Western Union

  • Western Union opens for Optimus by Afrinvest users

    Western Union opens for Optimus by Afrinvest users

    Western Union and Afrinvest have announced that Western Union’s international money transfer services are available for Optimus by Afrinvest users.

    Nigerians living abroad can now conveniently send funds through Western Union services directly into their Afrinvest accounts accessible through the app. The Optimus by Afrinvest platform offers customers the ability to save, invest and spend.

    Through this launch, users of Optimus by Afrinvest, can leverage Western Union’s extensive network of digital and retail platforms to send money to their Afrinvest accounts.

    Once transferred, these funds can be used to invest in Afrinvest’s portfolio of services such as bonds, treasury bills, mutual funds, and other financial instruments approved by the Securities and Exchange Commission, Nigeria.

     “We are excited to expand our services to support diverse financial needs,” said Mohamed Touhami el Ouazzani, Regional Vice President of Africa, Western Union. “Our collaboration with Afrinvest aligns with our commitment to supporting Nigerians worldwide in building a financial future at home. This marks a step forward in expanding the purpose of remittances, empowering individuals to not only support daily needs but also invest in wealth-building opportunities for a sustainable future.”

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    The collaboration helps address a longstanding need for Nigerians around the world who seek to invest in Nigeria’s financial instruments. It expands opportunities for Nigerians abroad, supporting their broader goals for economic growth.

     “Afrinvest is proud to collaborate with Western Union on this innovative initiative,” said Dr. Ike Chioke, Group Managing Director, Afrinvest. “We are committed to simplifying investment processes and creating opportunities for Nigerians abroad. With this launch, we are opening up new financial possibilities and empowering a global Nigerian community.”

    Over 17 million Nigerians living abroad, which means that remittances play a critical role in supporting families and local economies. Today’s announcement redefines how remittances are used, fostering long-term growth and financial inclusion for individuals and communities. Western Union and Afrinvest are committed to delivering efficient and accessible services that help unlock the potential of aspiring people and communities they serve.

  • Afrinvest, Western Union partner on remittances

    Afrinvest, Western Union partner on remittances

    Afrinvest (West Africa) Limited, an investment management firm, has announced a strategic integration with Western Union, a leader in money transfer services.

    This partnership marks the first time Western Union has collaborated with an African investment platform, allowing Nigerians abroad to remit funds directly for financial investments through Afrinvest’s investment platform, Optimus by Afrinvest.

    The partnership simplifies the process for Nigerians in the diaspora to invest in the Nigerian financial market without needing intermediaries like family or friends.

    Nigerians living in nearly any country around the world can now transfer money directly to their Optimus by Afrinvest accounts via Western Union, converting their funds into Naira for investment purposes.

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    Chief Executive of Afrinvest Group, Dr. Ike Chioke, stated: “We are thrilled to integrate with Western Union to bring this groundbreaking service to Nigerians in the diaspora. By providing a direct channel to remit funds for investment, we are making it easier for Nigerians in the U.S., U.K., Cameroon, Ghana, Canada, and wherever Western Union operates to create wealth and participate in the growth of the Nigerian economy.”

    Chief Business Officer of Optimus by Afrinvest, Ayodeji Ebo, highlighted the wide range of investment options available on the platform, which caters to various risk appetites and financial goals. Notable investment products include Optilock, offering returns as high as 20per cent per annum for Naira investments and seven per cent for dollar options, as well as Afrinvest Plutus Fund, which provides access to high-quality, short-term fixed-income securities.

    Other options include the Nigeria International Debt Fund, Afrinvest Dollar Fund, and Afrinvest Equity Fund, which allow investors to diversify into longer-term fixed-income securities, Eurobonds, and Nigerian blue-chip stocks. Additionally, the Afrinvestor 2.0 app enables Nigerians to trade stocks on the Nigerian Exchange (NGX) through the Optimus platform.

  • Access Bank, Western Union reward customer with car

    An Access Bank Plc’s customer, Tope Olaoluwa Johnson, has emerged one of the winners in the Western Union year-end promotional campaign. The customer won  a Hyundai Accent car, in the final draw of a campaign that was initiated by Western Union, one of the global payment services providers in the country.

    Johnson, who is an Abuja-based customer of the Tier-1 lender, was presented with the car at an event held at the weekend, in Lagos. The promo which started last year saw Western Union giving out six cars to its customers in Nigeria as well as other consolation prizes such as shopping vouchers, throughout the duration of the exercise. Another customer of Access Bank, Bukola Deborah, was one of the consolation prize winners.

    Head of Remittance at Access Bank Plc, Funmilayo Afolabi, praised Western Union for the initiative, while urging other Access Bank’s customers to take advantage of such promos when next it comes up.

    “This promo is highly appreciated, and it is really an eye-opener, that when you reward people they will get encouraged and this will motivate other people to make sure such campaigns are going on, they participate. The promo is a partnership with Access Bank, in which Western Union ran a promo towards the end of last year where they had cars to be given out”.

    “This draw was done about two weeks ago and a customer of Access Bank emerged one of the winners. The promo was to encourage people to use Western Union Money Transfer to send money to their friends and relatives outside Nigeria. And this winner in Access Bank only sent N100, 000 to one of the African countries and he is our customer from Abuja.”

    On his part, Johnson said: “Initially when they told me about it, I did not believe it. Access Bank really surprised me. I am proud of the bank.”

  • Airtel Rwanda, Western Union sign pact on money transfer

    The Western Union Company, a leader in global payments services, announced the collaboration agreement with Airtel Rwanda, to boost international money transfers for Rwandans and others wanting to send money to the country from across the globe.

    Airtel Money subscribers in Rwanda can now receive international money transfers through Western Union to their mobile wallet at no additional Western Union fee. The subscribers can either use this money for all the possible uses of the mobile wallet available in the Country, pick their money at any Airtel Money agent or withdraw the money from an ATM machine, 24 hours a day.

    Its Managing Director, Michael Adjei, said: “This is a transformative development in the area of international funds transfers.”

    With proximity to mobile money agents, people can easily access and transact with mobile money services. Receiving money on one’s Airtel Money account through Western Union gives the receiver the freedom to access it at any given time.

    Molly Shea, Senior Vice President in charge of Digital for Middle East, Asia, Africa and Eastern Europe Region in Western Union said: “Western Union continues to grow its reach across Africa, while delivering an exceptional experience across retail and mobile platforms, allowing consumers to conveniently and reliably move money. Western Union is delighted to work with Airtel Rwanda, as both companies are focused on making the lives of consumers better.”

    On receiving the message from the sender, the receiver may then pick up the transfer directly into his or her mobile wallet.

  • Western Union to invest more in anti-money laundering

    Western Union Co plans to invest more in its compliance and monitoring systems to combat fraud and money laundering, its senior executive said.

    Western Union’s President for Africa, Middle East, Asia Pacific, Eastern Europe and CIS, Jean Claude Farah, said the New York-listed money transfer firm spends $250 million yearly on compliance and money laundering controls globally.

    Nevertheless, Western Union’s Irish division was fined 1.75 million euros ($1.93 million) this year after regulators found loopholes in its anti-money laundering controls.

    “As part of this commitment to tighten control systems, we’ll be committing additional resources in our operations, including Africa, in order to ensure there are no loopholes,” Farah told Reuters.

    He declined to give figures. Ghana was the first African country to launch Western Union services in 1995.

    Farah said despite inadequate infrastructure in Africa, Western Union was poised to increase operations beyond the 50 countries.

    “In terms of the outlook, it can only be positive because not many industries and people have discovered Africa,” Farah said.

    Farah said there were no plans to list Western Union on any other stock exchange outside the New York bourse, where it has traded in the past 150 years.

  • Western Union, Skype partner

    Western Union, a global money transfer company, has announced an agreement that allows Skype customers to replenish their accounts at more than 50,000 Western Union Agent locations in the United States.

    A report by payments.com said Skype Credit, the payment service that enables calls to mobile and landlines worldwide — as well as text messages to mobile — on the Microsoft-owned video, voice chat and messaging service, can top up  the Western Union Quick Collect service.

    The service facilitates consumer-to-business payments. While Skype-to-Skype calls are free, Skype Credit is required to call landline or mobile numbers.

    Western Union President for the Americas and European Union, Odilon Almeida, said: “The relationship is a logical one, as both Western Union and Skype have a mission to connect people when they are apart. Western Union is optimising its money transfer system to link cash and digital for money movement and payments across the globe. We are driving our innovation on the back of what our customers want. Skype is a classic example; where customers can enjoy full digital access with a walk-in payment option.”

    Director of Business Development, Microsoft, Enrico Noseda, said: “Through Skype, Western Union customers can stay in touch with loved ones to let them know about money transfers and share everyday experiences.”

    Western Union’s Skype partnership comes a few weeks after it announced a new partnership with Hyperwallet, and a few months after Western Union announced it would accept Apple Pay at several flagship locations.

  • Western Union won’t buy MoneyGram

    Western Union Co, the world’s largest money transfer company, is not planning to buy its rival, MoneyGram International Inc.

    “Western Union states that current news reports indicating that our company is in discussions to acquire MoneyGram are not accurate,” the company told Reuters.

    Rumours were swirling early this month that Western Union, the global remittance firm, was discussing with MoneyGram, one of its longest-standing rivals.

    But analysts insist that acquiring MoneyGram and its 349,000 locations as of the end of first quarter would expand Western Union’s retail network.

    Bloomberg Business initially reported the rumour, citing people who wished to remain anonymous. The talks were in the nascent stages, and no deal specifics had been determined. However, Western Union has stated that the merger rumours were “not accurate,” shutting down the speculation.

    Although the deal is being sharply denied, it’s still worth noting because MoneyGram’s business has plummeted since the loss of its exclusive partnership with Walmart. Meanwhile, Western Union continues to hold its own against new remittance startups, but is undoubtedly feeling pressure to bolster itself in any way it can.

    Even though Western Union has fared better than MoneyGram, both firms are facing increased competition from digital-native remittance companies like Xoom. Xoom facilitates cross-border transfers via mobile and online, making its service more cost-effective, since it doesn’t have to pay a commission to brick-and-mortar agents that originate the transfers for legacy remittance firms.

    Companies, such as Xoom are well-positioned to continue disrupting this industry, as consumers across the globe continue to migrate to mobile and online channels. Xoom, founded in 2001, already generates more revenue from electronic channels than 70-year-old incumbent, MoneyGram. However, Western Union still generates the most.

    Nevertheless, digital-native cross-border transfer firms will continue to exert pressure on the legacy players by forcing them to further develop digital products which are outside of their core service offerings.

    MoneyGram, for instance, doesn’t even have a mobile transfer option yet. And while Western Union has a fairly developed digital platform, it recognised that adapting to new technologies “poses a challenge to our business” in its 2014 10-K filing.

     

  • Western Union signs pact with Skype

    Western Union, a global money transfer company,has announced an agreement that allows Skype customers to replenish their accounts at more than 50,000 Western Union Agent locations throughout the United States.

    A report by payments.com said Skype Credit, the payment service that enables calls to mobile and landlines worldwide — as well as text messages to mobile — on the Microsoft-owned video, voice chat and messaging service, is now able to be topped up through the Western Union Quick Collect service.

    The service facilitates consumer-to-business payments. While Skype-to-Skype calls are free, Skype Credit is required to call landline or mobile numbers.

    Western Union President for the Americas and European Union, Odilon Almeida, said, “The relationship is a logical one, as both Western Union and Skype have a mission to connect people when they are apart. Western Union is optimising its money transfer system to link cash and digital for money movement and payments across the globe. We are driving our innovation on the back of what our customers want. Skype is a classic example; where customers can enjoy full digital access with a walk-in payment option.”

    Director of Business Development at Microsoft, Enrico Noseda, said: “Through Skype, Western Union customers can stay in touch with loved ones to let them know about money transfers and share everyday experiences,” said.

    Western Union’s Skype partnership comes just a few weeks after it announced a new partnership with Hyperwallet, and a few months after Western Union announced it would accept Apple Pay at several flagship locations.

  • Western Union signs payment pact with Skype

    Western Union signs payment pact with Skype

    Western Union, a global money transfer company, has announced an agreement that allows for Skype customers to replenish their accounts at more than 50,000 Western Union Agent locations throughout the United States.

    A report by payments.com said Skype Credit, the payment service that enables calls to mobile and landlines worldwide — as well as text messages to mobile — on the Microsoft-owned video, voice chat and messaging service, is now able to be topped up through the Western Union Quick Collect service.

    The service facilitates consumer-to-business payments. While Skype-to-Skype calls are free, Skype Credit is required to call landline or mobile numbers.

    Western Union President for the Americas and European Union, Odilon Almeida, said, “The relationship is a logical one, as both Western Union and Skype have a mission to connect people when they are apart. Western Union is optimising its money transfer system to link cash and digital for money movement and payments across the globe. We are driving our innovation on the back of what our customers want. Skype is a classic example; where customers can enjoy full digital access with a walk-in payment option.”

    Director of Business Development at Microsoft, Enrico Noseda, said: “Through Skype, Western Union customers can stay in touch with loved ones to let them know about money transfers and share everyday experiences,” said.

    Western Union’s Skype partnership comes just a few weeks after it announced a new partnership with Hyperwallet, and a few months after Western Union announced it would accept Apple Pay at several flagship locations.

  • Western Union launches Outbound Service with FirstBank

    The Western Union Company (NYSE: WU) yesterday launched 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 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 the Governor of the Central Bank of Nigeria,Godwin Emefiele,  performing Nigeria’s first outbound transaction at the 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.”