South Africa's largest retail bank, Absa, and Western Union, a leader in global payment services, have enhanced their joint service offering to Absa accountholders by allowing them to conveniently access the Western Union Money Transfer service to send or receive cross-border money transfers using either a cell phone or Internet banking.
Absa - voted as Africa's most innovative bank - and Western Union have developed a convenient solution for Absa accountholders wanting to transfer money to friends and family living abroad.
"Account-based money transfer service through Western Union bears testament to Absa's innovative approach to financial services by providing customers with value-added products which complement our current offering," says Alfie Naidoo, Group Chief Operating Officer, Absa Bank. "It's through this approach that we increasingly own more of the payment services space in South Africa for both local and international transactions."
Khalid Fellahi, Western Union's Senior Vice President for Africa and Global Head of Mobile Transaction Services, said, "Our experience with customers around the world in 200 countries and territories has shown us that offering consumers more ways to move money adds significant value. We are mindful that our consumers are on the move and we have harnessed technology so that Western Union meets their lifestyle needs."
The service complements the ongoing nationwide rollout of the Western Union Money Transfer service within Absa branches and is available to eligible Absa accountholders who are registered for Internet Banking and/or Individual Cellphone Banking, in full compliance with the regulatory framework of South Africa.
Western Union intends to maintain its market-leading position in global payment services, where in several markets around the world it already offers bank account-driven services, online transactions via www.westernunion.com and mobile money transfer. This launch with Absa represents the first time all three options have been integrated into a seamless offering.
Absa is a subsidiary of Barclays Bank plc, which holds a stake of 55,5% in the Group.