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TheStreet Open House

Western Union Expands Mobile Money Transfer Network In Nigeria In Collaboration With Paga

The Western Union Company (NYSE: WU), a leader in global payment services, today announced the launch of a new mobile money transfer service to Nigeria, which increases the reach of Western Union payout options in the country.

The new service to Nigeria integrates directly with Paga, the leading mobile payment platform in Nigeria, with more than 1.2 million users. Paga users now have the option of receiving a Western Union Money Transfer ® transaction directly into their Paga account. Using Paga’s multi-channel platform, consumers can withdraw the money by sending it to a bank account, withdrawing from an ATM, or through Paga’s network of over 4,000 agents in Nigeria. Consumers can also choose to pick-up their funds at participating Western Union ® Agent locations across the country.

International money transfers for mobile pick-up via Paga can be initiated at westernunion.com in more than 20 countries, or at participating Western Union Agent locations worldwide. The new offering complements Western Union services offered through its retail Agent network of more than 500,000 locations around the world, which includes 4,900 locations in Nigeria. 1

According to the World Bank, Nigeria had more than US$21 billion in migrant remittance inflows during 2012, representing approximately 9% of the country’s gross domestic product. 2

“Western Union continues to expand its mobile footprint as part of our omni-channel strategy, which facilitates financial inclusion for consumers who may not have access to traditional banking products,” said Khalid Fellahi, senior vice president and general manager, Western Union Digital. “We are very pleased to expand the reach of our digital offerings in Nigeria, and we remain committed to building our mobile network and expanding access points for Western Union services in strategic markets around the world.”

Tayo Oviosu, founder and chief executive officer of Paga, added, “Paga continues to execute on its strategy of simplifying payments for all Nigerians – whether you are a business or an individual. This relationship extends our services to the world – now anyone across the globe who needs to send money to Nigeria can ‘Just Paga it’ through Western Union. Paga is proud to work with Western Union and we look forward to continuing to deliver innovative money movement services to Nigerians worldwide.”

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