Western Union launches digital money transfer services

    Western Union has launched  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.

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