Western Union, a leading global provider of payment services, and Ecobank Transnational Inc. (Ecobank), the sub-Saharan Africa s leading financial services group, have unveiled Account Based Money Transfer service (ABMT) in Kenya.
Ecobank Retail Banking is planning to provide Western Union ABMT service in over 2,600 Agent locations across its operations of 31 countries, in next few months. The new service is an addition to the two companies partnership across Africa.
Using ABMT, the customers of Ecobank will get effortless access to Western Union service through internet banking as well as through any of ATMs and kiosks in Ecobank network. This will help customers to get money in their accounts anytime from any of about 510,000 Western Union Agent locations worldwide. ABMT will also help unbanked consumers to be banked and completely combined into the formal financial system.
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, said Jean-Claude Farah, SVP of Western Union for Middle and East Africa.
The inclusion of Account Based Money Transfer systems reinforces our relationship with Ecobank. This also demonstrates Western Union s continual commitment to providing reliable and convenient world-class money transfer services, said Aida Diarra, VP of Western Union for North, Central and West Africa.
Leveraging technology to take banking to the people by providing convenient, reliable and affordable financial products and services is a key part of Ecobank s 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, said Patrick Akinwuntan, Group Executive Director of Domestic Bank.
The financial services industry is a major driver of Africa s 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, said Linus Adaba, Group Remittance Manager of Ecobank.