WESTERN UNION DIGITAL MONEY TRANSFER IN KENYA THROUGH DIAMOND TRUST BANK
By Mercyline Omware
Western Union a leader in cross-border, cross-
currency money movement and
payments, and Diamond Trust Bank Kenya
Limited (DTB), a leading Kenyan bank,
announced the launch of Western Union digital
money transfer services via DTB’s m24/7
mobile app enabling customers to send or
receive international money transfers.
The integration of Western Union’s cross-border,
cross-currency functionalities offers a 24/7
seamless experience for customers via DTB’s
m24/7 mobile app.
Customers can send money using funds from
their bank accounts for payout at Western
Union’s Global Network of accounts and wallets
in more than 100 countries, and agent locations
across more than 200 countries and territories.
To receive money internationally, customers
can direct funds into their DTB accounts by
using Western Union’s unique tracking number
(MTCN), along with other requested
information.
“Customers are expecting digital driven
convenience across all facets of their life,
including for their regular banking needs or
international money transfer needs. We are
delighted with the opportunity to integrate our
global money movement capabilities to
enhance the customer experience of Diamond
Trust Bank.” said Mohamed Touhami El
Ouazzani, Regional Vice President, Africa,
Western Union.
“The benefits of digital collaboration is resulting
in dual benefits for customers and the banking
sector enabling more convenience, speed and
transparency for global money movement.
Western Union’s open platform strategy is
enabling financial institutions and other
organizations solve the complexities of cross-
border, cross-currency transactions and scale
their services globally for their customers.” El
Ouazzani said.
DTB Group Chief Executive Officer and
Managing Director Nasim Devji said: “We are
proud to be one of the first banks in East Africa
to offer Western Union digital money transfer
services to our customers. More than 80% of
transactions happen outside the banking hall
and this service is responding to that trend.
The launch of Western Union cross-border
money transfer functionality within our mobile
app provides our customers with an easier and
convenient way to send and receive money
internationally, staying within our bank’s
system.”
The remittances inflows of the Kenyan diaspora
play an important role in sustaining the local
economy. The latest data from the Central Bank
of Kenya (CBK) puts remittances for 2019 at
$2.546 billion (Sh256.4 billion) compared with
$2.453 billion (Sh247 billion) in 2018. North
America accounted for the bulk of the
remittance inflow, followed by Europe.
According to the World Bank, remittances
accounted for 3% of Kenya’s GDP in 2018.
The Western Union Company (NYSE: WU) is a
global leader in cross-border, cross-currency
money movement and payments. Our Omni-
channel platform connects the digital and
physical worlds and makes it possible for
consumers and businesses to send and receive
money and make payments with speed, ease,
and reliability.
As of December 31, 2019, our network included
over 550,000 retail agent locations offering our
branded services in more than 200 countries
and territories, with the capability to send
money to billions of accounts.
Additionally, westernunion.com, our fastest
growing channel in 2019, is available in over 70
countries, plus additional territories, to move
money around the world. With our global reach,
Western Union moves money for better,
connecting family, friends and businesses to
enable financial inclusion and support
economic growth.
Diamond Trust Bank (DTB) is a leading regional
bank listed on the Nairobi Securities Exchange
(NSE). An affiliate of the Aga Khan
Development Network (AKDN), DTB has
operated in East Africa for more than 70 years.
DTB’s focus on the Small and Medium
Enterprises sector and commitment to
enhancing convenience for customers through
branch network expansion has driven the
Bank’s growth in recent years.
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