Although Western Union was launched in Nigeria in 1995, consumers were only able to receive funds, and the outbound remittance service means that for the first time they will be able to send money anywhere in the world.
To launch the service in Nigeria, Western Union is partnering with First Bank of Nigeria Limited (FirstBank) to enable Western Union and FirstBank customers to use the new ‘outbound send’ offering.
“We are delighted that Western Union has taken the lead in providing outbound remittance services to Nigerians,” said Godwin Emefiele, governor of the Central Bank of Nigeria, launching the service in Abuja.
“Today’s launch demonstrates the company’s proactive step in taking advantage of the Central Bank of Nigeria’s vision of creating an enabling environment for the emergence of innovative and superior financial products that reduce transaction costs for Nigerians and give them a chance at living better lives,” he said.
Western Union said the company anticipates the outbound remittance service to play an instrumental role in making positive economic impact in Nigeria – Africa’s biggest economy – by supporting business growth, social development and financial inclusion.