Interswitch, Western Union start web-based money transfers

Money Transfer

Nigerian payment service provider Interswitch Transnational and Western Union have announced the launch of an account-based money transfer service (ABMT) in Nigeria.

Customers can receive Western Union transfers directly into their bank account through the Quickteller website or via their bank's internet banking website.

There is no additional charge to the receiver of funds for using the service. The ABMT service has gone live with GTBank, Stanbic IBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service. Since the introduction of this service earlier in the year, over NGN 700 million worth of transactions have been processed.