The Western Union Company, a US-based financial services company, reportedly is partnering with eTranzact, a Nigeria-based mobile money service provider, to launch a mobile money service in Nigeria. The service is expected to allow customers on the eTranzact mobile money platform, PocketMoni, to receive mobile money transfers from 23 “sender” countries using their mobile phones.
According to figures published by Informa’s World Cellular Information Service in June 2013, 71 percent of the Nigerian population has access to a mobile phone. In contrast, the World Bank estimates that only 21 percent of Nigerians have a bank account. eTranzact expects that the new mobile money service will help to bridge this gap by providing users with a platform for paying bills, sending and receiving payments and purchasing online merchandise using their mobile phone. Users of the mobile money service will not be required to have a bank account to use the service and will be able to deposit and withdraw funds at any Western Union Agent location.
As of June 2012, Western Union Company reports total assets of USD 9.17 billion. As of 2013, eTranzact has operations in Cote D’Ivoire, Ghana, Kenya, Nigeria, South Africa, the United Kingdom and Zimbabwe. The number of eTranzact subscribers is unavailable.
By Makai McClintock, Research Associate
About Western Union Company
The Western Union Company, founded in 1851, is a US-based financial services and communications company. Western Union provides money transfer, communications and network services through approximately 510,000 agent locations in 200 countries and territories as of June 2012. Also as of June 2012, Western Union Company reports total assets of USD 9.17 billion.
Sources and Additional Resources
Ventures-Africa.com Article, “Western Union Launches Mobile Money Service in Nigeria,” http://www.ventures-africa.com/2013/08/western-union-launches-mobile-money-service-in-nigeria/
MicroCapital article, April 10, 2013, “MICROCAPITAL BRIEF: Virtual Terminal Network (VTN) VCash to Allow Mobile-phone Access to Western Union Money Transfers in Nigeria,” https://www.microcapital.org/microcapital-brief-virtual-terminal-networks-vtns-vcash-to-allow-mobile-phone-access-to-western-union-money-transfers-in-nigeria/
MicroCapital article, November 27, 2012, “MICROCAPITAL BRIEF: Virtual Terminal Network (VTN) Boosts Mobile Payment System in Nigeria,” https://www.microcapital.org/microcapital-brief-virtual-terminal-network-vtn-boosts-mobile-payment-system-in-nigeria/
MicroCapital article, October 30, 2012, “MICROCAPTIAL BRIEF: Western Union, IcIcI Bank, MasterCard Unveil Prepaid Card in India,” https://www.microcapital.org/microcapital-brief-western-union-icici-bank-mastercard-unveil-prepaid-card-in-india/
MicroCapital article, March 29, 2012, “MICROCAPITAL BRIEF: Western Union, MTN Launch Mobile Mobile Transfer Service in Uganda,” https://www.microcapital.org/microcapital-brief-western-union-mtn-launch-mobile-money-transfer-service-in-uganda/
MicroCapital Universe Profile: Western Union
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Western+Union
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