Source: The Western Union Company
Absa Group Limited and The Western Union Company (NYSE: WU) have signed an agreement which will make Western Union Money Transfer services available via the Absa branch network in South Africa.
The service, which will be available for both inbound and outbound transfers, is scheduled to be launched in the second half of 2008.
Absa Group Limited is one of South Africa's largest financial services organizations, offering a complete range of banking, bancassurance and wealth management products and services.
Western Union is a leading provider of global money transfer services, giving consumers fast, reliable and convenient ways to send and receive money around the world via a network of more than 335,000 Agent locations in more than 200 countries and territories.
The multi-year agreement will allow consumers to receive and send money in selected locations of the Absa network using the Western Union Money Transfer system. According to the World Bank, the remittance market in South Africa was valued at approximately $735 million inbound and $1 billion outbound in 2006.
"Absa and Western Union have a strong focus on creating an exceptional overall customer experience," said Alfie Naidoo, executive director of Absa. "This cooperation will provide customers with reliable, convenient and trusted money transfer services."
"We are delighted to be able to expand our network coverage into South Africa, working with Absa, one of the top performing banks in the country. We look forward to a long and successful cooperation," says Hikmet Ersek, executive vice president and managing director, Western Union, Europe, Middle East, Africa, South Asia.