Western Union, MTN Announce Launch of Mobile Money Transfer Service in Uganda; Provides 9,000 Branded Mobile Phones
March 28 2012 - 3:00AM
Business Wire
The Western Union Company (NYSE: WU) and MTN Group (JSE: MTN)
today announced the launch of a mobile money transfer service in
Uganda, allowing MTN customers to send and receive money across
borders using just their mobile phones for the first time.
The service, announced today at a press conference in Kampala,
marks the debut of an offering from Western Union that allows the
more than 2 million customers of MTN’s mobile money transfer
service, Mobile Money, in Uganda to add funds to their accounts
that were sent through Western Union’s system. Senders send the
funds as they normally would – either in-person at 450,000 Western
Union Agent locations in 200 countries and territories, from
www.westernunion.com in 22 countries or directly from a bank
account in select countries. The receiver of the funds simply
chooses to “pull” the transaction into a MTN Mobile Money
account.
The new service also enables MTN customers to send money
internationally with Western Union directly from their Mobile Money
accounts for cash payout at Western Union Agent locations worldwide
or to subscribers of select mobile phone companies with which
Western Union has agreements.
Western Union and MTN also announced today that they will
provide 9,000 branded mobile “Yellow Phones” to Ugandans. Customers
who receive these phones must already have an active MTN Mobile
Money account or sign up for one in order to use the new remittance
service. The phones will be given away via ongoing promotions
throughout Uganda over the next few months.
“Western Union is changing quickly and we are leading the way in
bringing international remittances to mobile subscribers around the
globe,” said Diane Scott, Executive Vice President, Chief Marketing
Officer and President, Western Union Ventures. “Our network of
nearly half a million locations, our experience in moving money
across borders, and our relationships with the world’s most
successful mobile operators such as MTN, ideally position us to
introduce many people to cross-border financial services.
“Our mobile money transfer service will unlock new economic
opportunities for thousands of underserved consumers in Uganda,
whose financial needs are not being met elsewhere,” Scott added.
“By deploying these powerful tools for sending and receiving funds
– particularly in areas lacking financial infrastructure – Western
Union and MTN are helping to create more self-sufficient local
economies.”
“MTN Mobile Money has seen great success in Uganda,” said
Christian de Faria, MTN Group Chief Commercial Officer. “We
currently have more than 2 million Mobile Money customers, and we
continue to grow exponentially. By joining forces with Western
Union, our customers can now receive funds directly in their MTN
Mobile Money accounts quickly and easily. MTN looks forward to
expanding this offering in new countries with Western Union.”
MTN has deployed its Mobile Money service in 12 markets,
including Ghana, Cote d’Ivoire, Cameroon and Rwanda. Following the
launch of the Mobile Money transfer in Uganda, MTN and Western
Union plan to introduce the service in other countries where Mobile
Money is offered, and where regulation permits international
remittance.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global
payment services. Together with its Vigo, Orlandi Valuta, Pago
Facil and Western Union Business Solutions branded payment
services, Western Union provides consumers and businesses with
fast, reliable and convenient ways to send and receive money around
the world, to send payments and to purchase money orders. As of
December 31, 2011, the Western Union, Vigo and Orlandi Valuta
branded services were offered through a combined network of
approximately 485,000 agent locations in 200 countries and
territories. In 2011, The Western Union Company completed 226
million consumer-to-consumer transactions worldwide, moving $81
billion of principal between consumers, and 425 million business
payments. For more information, visit www.westernunion.com.
About MTN Group
Launched in 1994, the MTN Group is a multinational
telecommunications group, operating in 21 countries in Africa, Asia
and the Middle East. The MTN Group is listed on the JSE Securities
Exchange in South Africa under the share code: “MTN.” As of 31
December 2011, MTN recorded over 164.5 million subscribers across
its operations in Afghanistan, Benin, Botswana, Cameroon, Cote
d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran,
Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda,
South Africa, Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Visit us at www.mtn.com and www.mtnfootball.com.
WU-F, WU-G
Western Union (NYSE:WU)
Historical Stock Chart
From Sep 2024 to Oct 2024
Western Union (NYSE:WU)
Historical Stock Chart
From Oct 2023 to Oct 2024