VENTURES AFRICA – The Western Union Company (NYSE: WU), a leader in global payments services, on Tuesday said that Nigeria is at the forefront of the company’s expansion plans in Africa – facilitating reliable cross-border payments with a growing retail agent network and expansion into new channels with mobile payments and account-based money transfers.

On a two-day visit to Nigeria, which according to the World Bank is the world’s fifth largest remittance receiver, Western Union’s President and Chief Executive Officer, Hikmet Ersek, said: “Speeding financial inclusion, giving more people access to basic financial services, is at the heart of Western Union’s investment and commitment to work with partners in other industries to offer new products and services. We are already demonstrating this in Nigeria with remittances into retail, direct-to-bank and through mobile.”

“Nigeria is at the forefront of leading our commitment in Africa,” he added.

According to Aida Diarra, Regional VP, North Central Africa, Western Union, the company moved money from only 69 countries into Nigeria when it commenced services in the country.

“In 2012, we moved money from 196 countries. The possibilities for the future here in Nigeria are strong,” she said.

The company said in an official statement that its first bank agent in Nigeria, First Bank of Nigeria (FBN), inked an additional five-year agreement this month.

It also runs with two Nigerian banks, Account Based Money Transfer (ABMT), a service that allows the receipt of funds transferred through Western Union directly to bank accounts.

Western Union also plays a key role in financial inclusion in Nigeria, which goes beyond enabling consumers to receive money. The company and the Western Union Foundation have partnered with the Tony Elumelu Foundation, the Bank of Industry (BOI) and the United States Agency for International Development (USAID) to support entrepreneurship and help create growth for small- and medium-sized business enterprises in Nigeria and across Africa.

Through the unique opportunity, provided by the African Diaspora Marketplace and related programs, Nigerian businesses have been empowered with – development grants, business training and access to pitch to investors and bankers for equity and loan financing.

With more than half a million locations in 200 countries and territories, Western Union has been present in Africa since 1995 and has more than 27,000 Agent locations spanning 50 countries across the continent. In Nigeria alone, Western Union has more than 4,800 locations represented by a majority of Nigeria’s banks.

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