The Western Union Company (NYSE:WU), a leader in global payment services, today announced the expansion of its global Agent network to Namibia.
Western Union currently offers money-transfer services at more than 23,000 locations across more than 50 markets in Africa. The agreement between Western Union and Magnet Bureau de Change will add a presence in Namibia, with more locations to be added in the coming months. Western Union has offered services in Africa for more than 15 years.
"We are very pleased to be launching the Western Union Money Transfer service in Namibia with Magnet Bureau de Change," said Jean Claude Farah, Western Union's Senior Vice President for the Middle East and Africa. "Remittances are a growing source of foreign capital for many African countries, and we are sure our trusted brand will add to this economic force in Namibia."
With a population of 2.2 million, Namibia is strategically located within the Southern Africa region bordering on South Africa, Zimbabwe, Angola, Zambia and Botswana, forming a transport and economic hub for neighboring countries.
With the launch of Western Union services in Namibia, consumers across the country will have another option for sending and receiving remittances. The World Bank estimated the remittance market in Namibia at approximately $30 million in 2010.