Western Union Makes Nigeria Online Debut

World’s leading money transfer company, West Union has initiated its online service, www.WesternUnion.ng in Nigeria. The online platform which was launched with support from Interswitch Limited,  is the company's first inward-remittance website across the globe.

With significant presence in Nigeria, the website will enable Nigerians to move funds into a bank account with Guaranty Trust Bank, Skye Bank, Stanbic IBTC Bank and Wema Bank.

Western Union perceives Nigeria as an attractive market opportunity since the country topped the list of African countries for diaspora remittances due to the huge remittance it receives. As per data from World Bank, Nigeria received $21 billion in funds last year. Going forward, this region is expected to witness further growth in remittance.

Western Union is increasing its investments in high-growth electronic channels to build a world-class customer experience. These efforts are propelling rapid growth in digital, account-based money transfer, and mobile banking. Online, westernunion.com money transfer transactions grew more than 40% in 2013, while transactions for electronic account-based money transfer through banks surged over 50%.

Management is targeting $500 million in revenues from the digital business (westernunion.com/mobile) by 2015, which implies a 60% CAGR revenue growth through 2015.