Absa Group and The Western Union Company have signed an agreement under which Western Union Money Transfer services will be available via the Absa branch network in South Africa.
The service, which will be available for both inbound and outbound transfers, is scheduled to be launched in the second half of 2008.
The multi-year agreement will allow consumers to receive and send money in selected locations of the Absa network using the Western Union Money Transfer system. According to the World Bank, the remittance market in South Africa was valued at approximately $735 million inbound and $1 billion outbound in 2006.
Alfie Naidoo, executive director of Absa, said: Absa and Western Union have a strong focus on creating an exceptional overall customer experience. This cooperation will provide customers with reliable, convenient and trusted money transfer services.