E-Financial
Western Union Partners First Bank on Outbound Service Launch
The Western Union Company, a leader in global payment services, has announced the launch of the outbound remittance service in Nigeria.
Since the Western Union Money Transfer service was launched in Nigeria in 1995, consumers in the country have only been able to receive funds via the service.
This launch therefore represents a significant milestone as it marks the first time outbound remittance has become available to the Nigerian community who are now able to send funds in minutes via Western Union around the world.
First Bank of Nigeria Limited (FirstBank), Nigeria’s foremost banking institution, has become the first Western Union Agent to offer this service.
The collaboration will enable Western Union consumers (as well as FirstBank’s customers) to enjoy Western Union’s new ‘outbound send’ offering through the bank’s branches.
The launch was commemorated with Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) performing Nigeria’s first outbound transaction at FirstBank Abuja Main Branch, Central Business District, Abuja.
Also in attendance were Aida Diarra, regional vice president for Africa, Western Union; and Bisi Onasanya, group managing director/chief executive officer, First Bank of Nigeria.
Speaking at the event, Emefiele said “We are delighted that Western Union has taken the lead in providing outbound remittance services to Nigerians. Today’s launch demonstrates the company’s proactive step in taking advantage of the Central Bank of Nigeria’s vision of creating an enabling environment for the emergence of innovative and superior financial products that reduce transaction costs for Nigerians and give them a chance at living better lives.”
Commenting on the launch, Aida Diarra, regional vice president for Africa, Western Union stated, “We are very pleased to announce the launch of the “outbound send” service from Nigeria to destinations around the world. We anticipate that the outbound enabled service offering in Nigeria, Africa’s largest economy, will be instrumental in making positive economic impact in the country by supporting business growth, social development and financial inclusion”
She further stated that “We are at the forefront of innovation in the industry and we believe this service will respond to our new consumer segment needs. We pride ourselves in moving money for better by giving consumers access to a range of quality financial services in a convenient manner. This is further demonstration of our efforts to support the Central Bank of Nigeria’s objectives for financial inclusion.”
Speaking on the launch, Bisi Onasanya, group managing director/ chief executive officer, First Bank of Nigeria Limited stated “Having been the first to offer Western Union Services in the country as far back as 1995, we remain committed to delivering innovative customer solutions and are proud to be the first bank to offer yet another excellent customer focused solution – the Western Union Out Bound Service – to the Nigerian market. As a Brand, we remain committed to putting our customers first”.
The initial launch of the outbound service is currently limited to select FirstBank branches until the service is rolled out to Western Union’s over 5,000 Agent locations nationwide.
Western Union is a leader in continuous innovation in the Nigerian market by being the first to conduct outbound enabled remittance in addition to introducing new and modern services.
Account Based Money Transfer (ABMT) and Mobile Money Transfer (MMT) which enable consumers to receive a Western Union Money Transfer in a bank account and on a mobile money wallet respectively, are an example of such services
Western Union also recently launched www.WesternUnion.ng; the new web site in Nigeria which allows the consumer to go online, log onto the website and direct funds they are about to receive to their personal account with any of the specified banks.
Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders.
As of June 30, 2014, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of nearly 500,000 agent locations in 200 countries and territories and over 100,000 ATMs.
In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 459 million business payments.
On the other hand, First Bank of Nigeria Limited, a subsidiary of FBN Holdings Plc, is Nigeria’s leading financial services institution by total assets and gross earnings and one of the largest corporate and retail banking financial institutions in sub-Saharan Africa (excluding South Africa).
Since its establishment in 1894, the Bank has consistently built relationships with customers focusing on fundamentals of good corporate governance, strong liquidity, risk management and strong capitalization.
FirstBank operates an extensive distribution network with over 750 business locations, about 2,446 ATM’s and over 10 million customer accounts.
The Bank provides a comprehensive range of financial services and has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, Banque International de Credit (B.I.C) in the Republic of Congo, International Commercial Bank (ICB) in Ghana, The Gambia, Guinea, Sierra-Leone and Senegal as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.
Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.
Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.
According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.
He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.
The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”
Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.
L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.
“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.
“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.
“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.
“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.
ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org
Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
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