Easier international money transfers for South Africans after joint venture
Johannesburg: Monday, 13 October 2008 - Absa, South Africa's largest retail bank, together with Western Union, a world leader in global money transfer, this month begins the roll-out of the Western Union® Money Transfer service in selected Absa branches nationwide.
The roll-out follows the successful opening of pilot locations in Gauteng during September 2008. The joint venture has been approved by the South African Reserve Bank and complies with all appropriate South African banking regulations.
"The integration of the Western Union Money Transfer services into our retail banking environment allows Absa to offer a new and much needed cross border service to our existing customers; while at the same time attracting a new customer segment", said Absa Group CE Steve Booysen.
The number of Absa locations offering the Western Union Money Transfer service in South Africa is expected to climb to over 200 during the next 12 months; making it easier for consumers around the globe to send and receive money internationally.
"We are very pleased about our agreement with Absa and delighted that this will bring even greater convenience to our South African customers around the globe" said Christina Gold, CEO Western Union.
Diaspora remittances have, over the last decade, become even very important because they not only play a key role in the life of individuals but also in developing economies. According to the UN International Fund for Agricultural Development (IFAD) remittances in Africa alone are set to be approaching $40-billion per year, with 70% of flows into Africa coming through formal money transfer organisations.
"We are proud to offer our service in South Africa. As more and more people seek employment outside of their country of birth in order to better their personal economic situations, money transfer as a means of sending money home represents a significant economic opportunity both for the families on the receiving side as well as the economies of the countries in which they live," Christina Gold said.
Booysen said that Absa continues to launch innovative solutions with a view to bring ongoing Full Value Banking to its customers.
"Driven by the need to become more customer-centric, we recently, introduced innovative solutions which were first for South Africa. These include CashSend and Pre-paid Debit Card. Targeted at the unbanked, they both offer safe, easy, convenient and affordable way to perform transactions. I believe that the international Western Union Money Transfer service is another offer of choice we are providing our customers in a bouquet of services adding value," he said.
"We will aggressively seek various innovative ways to keep evolving our service to our customers to that they individual and ever-changing needs are well taken care of," Booysen added
About Western Union
The Western Union Company (NYSE: WU) a world leader in global money transfer services. Together with its affiliates, Orlandi Valuta and Vigo, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. It operates through a network of more than 355,000 Agent locations in over 200 countries and territories. Famous for its pioneering telegraph services, the original Western Union dates back to 1851. For more information, visit www.westernunion.com.
About Absa
The Absa Group Limited (Absa), listed on the JSE Limited, is one of South Africa's largest financial services groups offering a complete range of banking, bancassurance and wealth management products and services. Absa's business is conducted primarily in South Africa. In addition to this, the Group has equity holdings in banks in Mozambique, Angola and Tanzania.
At 30 June 2008, the Group had 680,1 million shares in issue and a market capitalisation of R55,8 billion. At 30 June 2008, Absa had assets of R737,6 billion, 974 points of presence, 9,4 million customers, 8 094 automated teller machines and 40 011 permanent employees.
Absa is a subsidiary of Barclays Bank PLC, which holds a stake of 58,8% in the Group. Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia. For more information, please visit the Absa website:
www.absa.co.za
Important restrictions, qualifications and disclaimers ("the Disclaimer") apply to this email. http://www.absa.co.za/disclaimer
About Barclays
Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 157,000 people. Barclays moves, lends, invests and protects money for over 42 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.
For further information
Western Union:
Anja Reitermann
Vice President: Corporate Affairs - Europe, Africa, Middle East and South Asia
Mobile: + 43 664214 9078
Karen Jordaan
Regional Director: Southern and East Africa
Tel: +27 11 549 3300
Absa:
Zain Khan
Absa Retail Banking
Group Communications and PR
Tel: + 27 83 310 5797