Western Union Launch Money Transfer Service in Somaliland

[Jacaylbaro]

Johannesburg, 13 April 2011 --- The Western Union Company (NYSE: WU), a leader in global payment services, has extended its rapidly growing agent network to Somaliland, taking the total number of African markets it serves up to fifty.

 

The strategic agreement between Western Union and Global Exchange and Money Transfer, a subsidiary of Global Export and Import Agency Ltd, will see it offer the Western Union® Money TransferSM service for the first time in the area, initially at a location in Hargesia with additional locations to be rolled out across Somaliland in the course of 2011.

 

This follows a string of recent agent network expansions by Western Union, which last year celebrated 15 years in Africa and has grown its agent network on the continent to reach more than 22,000 Agent locations.

 

Mr. Jean Claude Farah, Western Union's Senior Vice President for Middle East and Africa commented: "We’re very excited to be in Somaliland – a vibrant and growing market that plays such an important role in the economic development of the broader region. We also welcome the addition of an agent with strong community ties like Global Exchange and Money Transfer to our global network.”

 

The extension of money transfer services to Somaliland marks a further step in Western Union’s commitment to the expansion and development of its pan-African network which provides a critical link to the ever growing African diaspora. The Western Union service will initially enable only receipt of funds in Somaliland from its global network of over 440,000 agent locations.

 

With the World Bank estimating annual remittance inflow to Somalia at USD1bn, the agreement between Western Union and Global Exchange is expected to further facilitate formal remittance flows from key Somaliland diaspora hubs in the US, Canada, UK, Nordics, the Gulf and Africa where Western Union services are readily and conveniently accessible.

 

Abdikarim Abdi Adan, Managing Director of Global Exchange & Money Transfer, comments: “Western Union is one of the most recognisable and trusted names in the money transfer industry and we are delighted to be working with them to offer their much needed services in Somaliland. In addition, their investment here is a testament of the economic viability of our homeland and a great encouragement to other international investors.”

 

Somaliland’s Minister of Commerce, the Right Honourable Abdirisak Khalif Ahmed, added: “As Somaliland’s potential as a politically stable gateway to the wider region gains increasing attention among the international business community, we are optimistic that the entry of Western Union, a company recognised for its industry leading standards in compliance, will not only serve to underpin confidence in our financial services sector, but also in Somaliland as a technologically progressive market for foreign direct investment.”

 

 

Source: Ratio Magazine

[AfricaOwn]

Dahabshill got a competition, but this is good for consumers. SL markets is opening up.

[ANWAR]

good news SL markets is opening up.

[Xaaji Xunjuf]

This is great news now i don't need to drive 2 hours to some Somali xawalaaad to drop the Money i can just send the money trough Western union around the corner to capital hargeysa makes my life easier

[Wiil Cusub]

This is great news now i don't need to drive 2 hours to some Somali xawalaaad to drop the Money i can just send the money trough Western union around the corner to capital hargeysa makes my life easier

Xaaji you dont need to drive or go around the corner, you can easily use your computer to send money to Somaliland like this one

 

https://www.worldremit.com/en/home

[Jacaylbaro]

Yeah ,, the World Remit is becoming the trend nowadayz ..................

[Gabbal]

This is negative for all Somali remittances based in Somaliland. While you look at a more convenient way of sending, you are forgetting how involved Somali remittances are in the local economy back home. They serve a vital purpose including helping during drought and other forms of donations and development they contribute to. Both the money you send as well as the fee you pay for sending is channeled as capital into the local economy.

[Jacaylbaro]

It is a free market and competition is necessary here .....

[Som@li]

Local companies sometimes need protection, as they serve the national interest...Bad news

[nuune]

Bad news indeed, a multinational greedy company in that undeveloped market which already is full of Money Transfer companies, I don't think this can be applied in the name of competition.

 

sending $100 dollar to Hrageisa will have a fee of $15 dollars, where as using Dahabshiil you ONLY pay $6 dollar, be the judge

[Jacaylbaro]

Then u already know who is the winner in this case ................. it is all about competition and who gives the best price

[nuune]

^^ I am all for Somali companies sxb, if Western Union thinks they can do well in Somaliland, then they failed in Kenya, which remits more than 600 million dollars each month(half of it by Somalis), no one goes to their offices and is deserted most of the time, same will happen here in Hargeisa and other places.

they just don't know the simple ways Somalis engage in remittance services.

[Jacaylbaro]

They were here too in the late 90s and they had to close ........... Wondering what brings them now but it is all good i guess

[nuune]

^^ Wasn't aware that they came in late 90s, but that shows how badly they performed in that period of late 90s, and was overwhelmed by local remittance services, same will happen now where you have so many money Xawaala companies, half of them online, cheap, with no forms to fill to receive your money

[Suldaanka]

They might not compete head to head with the local companies. But given their reach and network they can fill in where the local companies do not have presense - i.e. China, Tiawan etc where majority of imported goods come from. Now you don't need to worry about running out of money while shopping in Guangzhuo or Shenzhen.