Nigeria’s frontline electronic transaction switching and payment processing company, Interswitch and an international payment services firm, Western Union have jointly introduced an account-based money transfer service (ABMT) in Nigeria.
Through ABMT, customers can receive Western Union transfers directly into their bank account through the Quickteller website or via their bank’s Internet banking website.
The two companies said that the service eliminates the need to visit a physical bank branch and there is no additional charge to the receiver of funds for using the service.
“The ABMT service has gone live with GTBank, Stanbic IBTC and Wema Bank, while First Bank, United Bank for Africa, Skye, Diamond, Enterprise and Access are currently in the process of implementing the service,” Interswitch said announced.
“Interswitch is proud to be working with Western Union to introduce this new account-based money transfer (ABMT) service to the inward remittance market. This service ensures compliance with Central Bank of Nigeria regulations that make it mandatory for remittances into Nigeria to be account based,” Mitchell Elegbe, Group CEO of Interswitch Transnational said