Nigeria:Interswitch And Western Union Introduce Account-Based Money Transfer

APRIL 03,2014.

Interswitch Ltd, an integrated payment and transaction processing company, in partnership with Western Union introduce an account-based money transfer service to Nigeria

The collaboration enables customers to receive Western Union money directly into their bank account through the Quickteller website or via their bank’s internet banking website.

The ‘Account-based money transfer service’ (ABMT) service has gone live with GTBank, StanbicIBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service.

Quickteller services can be accessed through multiple channels including ATMs, mobile, POS and online.

Customers will be able to send and receive the funds in a secure and safe way with no additional charges for using the service to both parties.

Quickteller provides customers with a safe and secure way to receive funds sent by family, friends and business partners abroad. This is in addition to existing services such as recharge, bill payment and funds transfer on the Quickteller platform.

Mr. Mitchell Elegbe, Group Managing Director and Chief Executive Officer, Interswitch Transnational, said: “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.”

Since the introduction of this service earlier in the year over NGN 700 Million worth of transactions have been processed.