Tag: Western Union

Postbank Uganda becomes Western Union Agent

Posted by | Oct 10, 2007 | |

Postbank has become an agent of Western Union, bringing to 22 the number of agents for the money transfer company in Uganda. Western Union has 160 agents in Africa.

Hikmet Ersek, the executive vice-president and managing director for Western Union Europe, Middle East, Africa and South Asia said Western Union was proud to be associate with PostBank and extending their reach.

“The key of Western Union’s business is a comprehensive network that operates hand-in-hand with reliable partners through localised resources such as banks, post offices and even some retailers,” he said.

Stephen Mukweli, the managing director of PostBank, said: “Over the last three years, PostBank has undergone a number of changes all aimed at delivering more value.”

He said the new partnership puts PostBank in a better position to deliver better value and consolidate it as a one-stop shop for financial services.

“We believe with our wide network, Post Bank and non-PostBank customers will find the bank the most convenient way to receive and send money,” the bank’s marketing and sales manager, Barbara Arimi, said.

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Western Union to Take Equity in Singapore Agent

Posted by | Oct 10, 2007 | |

The Western Union Company will take a 49 percent equity stake in its Singapore agent, Western Union Global Network (WUGN) – a subsidiary of Singapore-listed Hersing Corporation Ltd.

The acquisition is in line with Western Union’s stated strategy to take or increase equity stakes in key agents and continue to strengthen its global agent network.

Western Union’s current investment will be upgraded to ordinary shares. Western Union will now earn a pro rate share of profits of WUGN and enjoy enhanced voting rights. The deal also includes a long-term extension of WUGN’s representation agreement to offer Western Union money transfer services at more favorable commission rates. Under the terms of the agreement, Western Union is now able to explore additional agent relationships in Singapore.

Western Union entered the Singapore market with Hersing in 2001, and the business now boasts more than 60 locations throughout the country through Agents RHB Bank, American Express and SingPost. The city is home to the world’s largest Western Union flagship store at Lucky Plaza.

“Singapore, with its transient worker population, is a key market for growth for Western Union,” said Sunil Balagopal, regional vice president for South East Asia, Western Union. “This agreement reinforces our commitment to this market and strengthens our relationship with Hersing. We look forward to exploring more opportunities for innovation in providing money transfer services in Singapore.”

“Western Union’s money transfer service is trusted by millions of consumers globally to quickly and reliably send and receive money,” continued Balagopal. “We’re confident that this agreement will ensure that we can offer both consumers and Agents in Singapore the best possible service.”

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Western Union Secures Top Agents for Philippines Market

Posted by | Sep 24, 2007 | |

The Western Union Company has signed new, multi-year agreements with three of its top agents in the Philippines to offer Western Union(R) money transfer services. The three companies – Universal Storefront Services Corporation, e-Business Services Inc and PETNET Inc – together represent nearly 4,800 Western Union Agent locations in the country(1).

In addition, the company has increased its existing footprint with the addition of three new agents in the Philippines: Direct Agent 5 Inc., a consortium of consumer service enterprises; JP Tambunting pawnshops and Davao-based retail chain EMCOR Incorporated.

“The Philippines is a very important market for Western Union,” said Mr. Ian Marsh, Executive Vice President, Asia Pacific, The Western Union Company. “Outside of the United States, it is second only to Mexico for inbound remittances and has tremendous growth potential as both a key receive and intra-country market.”

The Philippines is the fourth largest receiver of remittances in the world, according to the World Bank(2). The Bangko Sentral ng Pilipinas (Philippines Central Bank) estimates that remittances from overseas will exceed USD 14 billion this year. There are currently over eight million Filipino workers overseas(3).

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The Reserve Bank of India brake on Western Union growth

Posted by | Sep 20, 2007 | |

The Reserve Bank of India (RBI) has asked international money transfer agent Western Union Co. Ltd to stop expanding its network in India till it receives “further instructions” from the central bank, which also doubles up as the regulator of the banking and foreign exchange business. The company operates in India through a network of principal agents and sub-agents.

A government official, who did not wish to be identified, said the central bank found that Western Union Services India Pvt. Ltd (Wusi) was deviating from what it is actually allowed to do in India. The official declined to specify what these activities were.

In a letter dated 5 September, a copy of which is available with Mint, RBI has prohibited “Indian agents of Western Union Financial Services Inc., USA/Western Union Network (Ireland) Ltd” from expanding their wire transfer business in India through sub-agents. The letter does not mention any violations of service terms, and adds that “MTSS (money transfer service scheme) guidelines are being comprehensively reviewed in consultation with the government”, and that the bank expected to be able to issue the revised guidelines “shortly”.

But the letter adds that “any breach of these instructions” on not expanding the network “will be viewed seriously and render (the) agency permission liable for cancellation.”

A Wusi executive confirmed that RBI sent a letter but not to the company. “Some of our sub-agents have received the letter, not us,” said the executive, who did not wish to be identified. Wusi has 11 principal agents in the country, who have appointed sub-agents. The official said Wusi will not be directly liable for the functioning of sub-agents, who run over 45,000 outlets in India.

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Western Union announces home festival promotion

Posted by | Sep 6, 2007 | |

Western Union is rewarding its customers in the UAE, Bahrain, Kuwait and Qatar, with the chance to win a valuable set of household goods during its home festival promotion.

All customers in UAE, Bahrain, Kuwait and Qatar, who transfer money through Western Union between 5 September and 19 October 2007 will automatically be entered into a draw to be held on 25 October in Dubai.

Ten winners in the UAE and five winners in each of the other participating countries will receive a household set containing an LCD TV, refrigerator, vacuum cleaner, washing machine, microwave, home theatre system, and a mobile phone.

Jean Claude Farah, Western Union Regional Vice President for Middle East, Pakistan and Afghanistan, said, ‘We have millions of hard-working customers throughout the Gulf who depend on our fast, reliable and convenient services for transferring money to their families abroad. This promotion comes from our desire to thank them for their loyalty.’

Western Union operates around the globe mainly through Agents such as banks, post offices or retailers. In the United Arab Emirates alone there are over 350 Agent locations at well-known establishments such as UAE Exchange, Emirates Post, Wall Street Exchange, Al Razouki International Exchange, Orient Exchange, Al Ghurair Exchange, Alukkas Exchange, Emirates India International Exchange, Al Ansari Exchange, National Exchange, Travelex and Habib Exchange.

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