Western Union and Ecobank Launch Internet Account Based Money Transfer (ABMT) service in Kenya

LAGOS, Nigeria, November 15, 2012/ — Western Union, 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 Union’s 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 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.

Linus Adaba, Group Remittance Manager, Ecobank, concluded, “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.”