Western Union is teaming up with major financial institutions (FIs) in Africa to make digital cross-border money transfers and bill payments faster and easier, according to a press release on Thursday (Sept. 30).
People using KCB Bank Kenya, the Diamond Trust Bank (DTB) and the Kenya Post Office Savings Bank (Postbank) can now use Western Union to send and receive funds right from their mobile banking apps. Customers have the option of having the funds sent directly to their bank accounts or to a Western Union agent location, depending on the country.
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“Customers, globally and in Africa, want flexibility and trust in their cross-border money transfers and payments. At Western Union, we give them both,” said Massimiliano Alvisini , senior vice president and general manager for Western Union in Africa, Europe and CIS.
The integrations with the three African banking institutions give millions of people the ability to use Western Union’s financial network worldwide for bank accounts, wallets and cards, as well as at over 500,000 agents in 200-plus countries and territories.
A subsidiary of KCB Group Plc, KCB Bank Kenya Limited is the country’s biggest commercial FI, with 202 branches and subsidiaries in Rwanda, Uganda, Tanzania and South Sudan, and a commercial representative office in Ethiopia.
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DTB is a regional bank listed on the Nairobi Securities Exchange (NSE) and is an affiliate of the Aga Khan Development Network (AKDN). The bank has been operating in East Africa for over 70 years and focuses on small and medium-sized businesses (SMBs).
Established in 1910, Postbank is among the country’s oldest banks, with 97 branches. It is wholly owned by the government of Kenya and reports to the Ministry of Finance.
Western Union Company is one of the global leaders in cross-border, cross-currency money transfer and payments. Its platform links over 200 countries and territories as well as more than 130 currencies. The company connects businesses, FIs, governments and consumers via bank accounts, digital wallets, cards and more than 550,000 retail locations.