Leading online payments company, Interswitch Transnational has inked a deal with Western Union, to introduce an account-based money transfer service (“ABMT”) into the Nigerian market.
In the new deal, customers will be able to receive transfers made through Western Union directly into their accounts, using the Quickteller website or the internet banking platforms of their banks.
“Interswitch is proud to be working with Western Union to introduce this new account-based money transfer (ABMT) service to the inward remittance market,” said Interswitch’s Group Managing Director and Chief Executive Officer, Mr. Mitchell Elegbe.
He added that the new service is in compliance with Central Bank of Nigeria regulations, making it mandatory for monies coming into the country to be account based.
The new service, which comes at no extra cost to the customer, has processed over N700 million worth of transactions since it started earlier in the year.
Customers of Nigerian financial institutions: Wema Bank, StanbicIBTC and GTBank already have access to the ABMT service. Access Bank, Diamond Bank, Enterprise Bank, First Bank, United Bank for Africa and Skye Bank are currently in the process of implementing the service.