Integrated payments company Interswitch Transnational, and international payment services firm Western Union have announced the introduction of an account-based money transfer service (ABMT) in Nigeria.
Through ABMT, customers can receive Western Union transfers directly into their bank account through the Quickteller website or via their bank’s internet banking website. The service eliminates the need to visit a physical bank branch and there is no additional charge to the receiver of funds for using the service.
“The ABMT service has gone live with GTBank, Stanbic IBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service,” Interswitch said in a statement.
“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,” Mitchell Elegbe, group managing director and chief executive officer (CEO) of Interswitch Transnational, said
“The Quickteller ABMT service allows recipients of funds to credit their accounts directly via the Quickteller website as well as the internet banking sites of participating banks. This eliminates the need to travel to bank branches to collect cash thereby saving on travel time and other attendant risks associated with cash. The solution is free to the receiver of the funds. Since the introduction of this service earlier in the year over NGN700 million (US$4.2 million) worth of transactions have been processed.
“Quickteller is a robust platform designed with a clear focus on the customer providing simplicity, convenience and security. The ABMT service further reinforces Interswitch’s commitment towards the consistent delivery of simple, convenient and innovative customer solutions.”
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