Press Release
November 14, 2014 – Ecobank has commenced Western Union Outbound Money Transfer Service In Nigeria. The newly launched service allows Nigerians to send money abroad through any of the over 500 branches of Ecobank Nigeria, while the funds are received in the specified currency in the receiving country. This initiative follows the recent introduction of the revised guidelines for International Money Transfer Services by the Central Bank of Nigeria (CBN), which allows provision of Outbound Money Transfer services in Nigeria.
The Outbound service is a provision that allows money to be sent from Nigeria to other countries, while respecting both Western Union and Country Policies. This means that Ecobank branches on behalf of their customers are able to log into the Western Union application and send money to other countries where the beneficiary shall pick the money. A prospective customer, who wishes to use the service, would pay the naira equivalent (plus applicable charges) to Ecobank as an agent of Western Union for the foreign currency that would be paid to the specified beneficiary in the destination country.
Announcing the new services in Lagos, Deputy Managing Director, Ecobank Nigeria, Anthony Okpanachi, commended the Central Bank of Nigeria (CBN) for the revised guidelines on International Money Transfer Services in the country. According to Mr. Okpanachi the service would further enhance financial inclusion for Nigerians, especially those who are yet to embrace banking services.
He mentioned that Ecobank Group and Western Union have created a mutual and beneficial partnership that cut across Ecobank’s 33 countries of retail operation. The Western Union service on Ecobank’s Retail Internet Bank and ATMs has witnessed volumes thus making Ecobank the undisputed number one remittance bank in terms of innovation and customer service experience. The bank is currently working on making the new outbound service available on her Retail Internet Bank to provide a 24/7 service availability.
According to the CBN guidelines, an individual can send up to $5000 to another individual abroad. However, it cannot be used by a business organization in Nigeria to send money to another organization abroad.
To send money abroad, the sender is required to state his/her full name; receiver’s full name; test question and answer (if required in the payout country’s policy); valid non-expired government issued photo ID; the send amount and purpose of transaction is optional. The means of identification includes international passport; driver’s license; National ID Card and/ or INEC Registration Card.
