Interswitch, Western Union Introduce Account-Based Money Transfer

Interswitch Transnational, a leading pan-African integrated payments company, has entered into agreement with Western Union, the leading global payment services company, to introduce an account-based money transfer service ("ABMT") in Nigeria.

The ABMT service already works in GTBank, StanbicIBTC and Wema Bank facilities, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service.

The collaboration enables customers to receive Western Union transfers directly into their bank account through the Quickteller website or via their bank's internet banking website.

 This eliminates the need to visit a physical bank branch, Interswitch said.

There is no additional charge to the receiver of funds for using this service.

Quickteller provides customers with a safe and secure way to receive funds sent by family, friends and business partners abroad.

This is in addition to existing services such as recharge, bill payment and funds transfer on the Quickteller platform.

Quickteller services can be accessed through multiple channels including: ATMs, mobile, POS and online.

Mitchell Elegbe, group managing director and chief executive officer, Interswitch Transnational, said, "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.

"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 NGN 700 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 Interswith's commitment towards the consistent delivery of simple, convenient and innovative customer solutions."