Pan-African integrated payments company, Interswitch Transnational, introduced account based money transfer system in Nigeria, hooking up with Quickteller and Western Union service initiatives in the process.
The new offering followed collaboration and agreement between the parties to enable customers to receive Western Union transfers directly into their bank account through the Quickteller website or via their bank’s internet banking website.
High point of the new solution is that it eliminates the need to visit a physical bank branch to retrieve money sent through the Western Union service, as has always been the case. Another is that the additional charge or interest charged on the transaction is now no more as interswitch and partners make usage of the service, free.
Interswitch at the weekend, announced that the service has gone live with GTBank, StanbicIBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service.
Group Managing Director and Chief Executive Officer, Interswitch Transnational, Mr. Mitchell Elegbe said:”Interswitch is proud to be working with Western Union to introduce this new account-based money transfer service to the inward remittance market. This service ensures compliance with Central Bank of Nigeria regulations that make it mandatory for remittances into Nigeria to be account based” he added.
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