By Ademola Alawiye

Monday, 29 Nov 2010

United Bank for Africa Plc has announced that the Western Union Money Transfer service is now live across more than 500 UBA agent locations in Nigeria.

The Managing Director, United Bank for Africa Plc, Mr. Phillips Oduoza, said this on Friday in Lagos during a presentation at the official inauguration of the Western Union Money Transfer in Lagos by the bank.

According to Oduoza, Nigeria was an increasingly important market for the Western Union, with remittance levels rising and contributing significantly to the development process.

He said that Western Union was continually expanding its network in Nigeria to include new agents, adding that remittance to Nigeria and Africa played an important role in the development process and was estimated to exceed the level of overseas development assistance.

Oduoza also said, “The latest World Bank report shows that African Diaspora currently consists of more than 30 million individuals living outside their countries of origin, adding that these migrants jointly contribute about $21bn in remittance to their families and communities back home every year.”

He added, “We have seen the Nigerian Diaspora grow to make a significant contribution to development back home, with the remittance they send home estimated to be approaching the $10bn mark in 2010.”

Oduaza pointed out that remittance remains a resilient and vital lifeline for tens of millions of African families as investment and aid flows heavily under pressure as a result of the financial crisis.

He added, ”These underline our decision to partner with western union to further extend the reach and impact of remittance in Nigeria and Africa as a whole. We earlier commenced a partnership with Western Union in 2003 as Standard Trust Bank but the relationship was terminated in 2005 as a result of the illegal implications of the merger.”

Oduoza further said, ”We have re-established the partnership and activated the service in our large network of branches in Nigeria, Gabon, Benin, Bourkanafaso, Kenya, Ghana, Senegal, Tanzania and Guinea. Now our customers have choice and are now part of the leading remittance network in the world.”

The Vice-President, Economic Community of West Africa States, Mrs. Aida Diarra, said, ”We see a continuous stream of talented Nigerians moving to seek out opportunities and take on new challenges abroad with the hope of building a future back home and returning some day to enjoy the fruits of their labour among family and friends.”

 

Source: Punch