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.”
For more information on Western Union’s online and digital capabilities, including mobile applications and mobile money transfer services, please visit www.westernunion.com.About Western Union The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2013, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 500,000 agent locations in 200 countries and territories and over 100,000 ATMs. In 2013, The Western Union Company completed 242 million consumer-to-consumer transactions worldwide, moving $82 billion of principal between consumers, and 459 million business payments. For more information, visit www.westernunion.com. About Paga Paga was founded in early 2009 with a mission to deliver innovative and universal access to financial services in Africa. Paga received its provincial license to operate from the Central Bank of Nigeria in November 2010 and full operating license in August 2011. Paga is underpinned by a secure payments platform that is built with the flexibility to operate in any environment and on the most basic mobile phone. To maximize the network effects critical for the long-term success of our service, Paga has taken a multi-stakeholder approach and is partnering with select banks and microfinance institutions. Paga works on all mobile networks. Customers can use Paga via multiple channels – SMS, Online, application on the phone, and our nationwide agent network. The company has gone to great lengths to balance simplicity and security of its platform. For more information, visit www.mypaga.com.
|1.||Network data as of December 31, 2013|
|2.||World Bank, April 2013. http://siteresources.worldbank.org/INTPROSPECTS/Resources/334934-1288990760745/MigrationDevelopmentBrief20.pdf|