Western Union, a global leader in payment services, and Ecobank, has introduced an Internet Account-Based Money Transfer service in Kenya.
The Senior Vice- President, Middle East and Africa, Western Union, Mr. Jean-Claude Farah, said on Thursday in Lagos that ABMT was a money transfer system that would 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.
According to Farah, ABMT will enable customers to receive money in their accounts anytime from any of the approximately 510,000 Western Union Agent locations around the world.
He 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.”
Speaking, the Group Executive Director, Domestic Bank, Mr. Patrick Akinwuntan, said that ABMT would attract formally unbanked consumers to become banked and fully integrated into the formal financial system by taking financial inclusion to the next level.
He said Ecobank Retail Banking intended to offer the Western Union ABMT service in more than 2,600 Agent locations across its footprint of 31 countries in the coming months, adding that the new electronic service was an extension of the two companies’ collaboration across Africa
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Western Union, Ecobank introduce account-based money transfer