WESTERN UNION DIGITAL MONEY TRANSFER IN KENYA THROUGH DIAMOND TRUST BANK

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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