Money transfer giant Western Union has come up with an innovation that will see Ecobank account holders transfer cash from their accounts to recipients through Western Union.
The new product named Account Based Money Transfer service (ABMT) will be available in Kenya and soon spread its wings across Sub Saharan Africa.
This product will also see clients dealing directly from their internet accounts to the Western Union money transfer.
Ecobank said: “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.”
This new move comes as the money transfer giant has seen its market share threatened in East Africa due to the mobile money transfer products.In July this year, Western Union introduced mobile money transfer to its clients.
“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,” Jean-Claude Farah, Senior Vice President, Middle East and Africa, Western Union, said.
Aida Diarra, Vice President North, Central and West Africa, Western Union, stated: “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”.
According to the group executive director for Domestic Bank Patrick Akinwuntan, 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,” he said.
Western Union has been in operation for 160 years in 200 countries worldwide, making it the oldest money transfer agent in Africa.