Launch of Western Union Digital Money Transfers via DTB’s m24/7 mobile app

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Customers Can Now Conveniently Send and Receive Money Globally via DTB’s m24/7 Mobile App Around the Clock with a Few Clicks

Western Union (NYSE: WU), a leader in cross-border, cross-currency money movement and payments, and Diamond Trust Bank Kenya Limited (DTB), a leading Kenyan bank, today announced the launch of Western Union  digital money transfer services via DTB’s m24/7 mobile app enabling customers to send or receive international money transfers.

The integration of Western Union’s cross-border, cross-currency functionalities offers a 24/7 seamless experience for customers via DTB’s m24/7 mobile app. Customers can send money using funds from their bank accounts for payout at Western Union’s Global Network of accounts and wallets in more than 100 countries, and agent locations across more than 200 countries and territories. To receive money internationally, customers can direct funds into their DTB accounts by using Western Union’s unique tracking number (MTCN), along with other requested information.

“Customers are expecting digital driven convenience across all facets of their life, including for their regular banking needs or international money transfer needs. We are delighted with the opportunity to integrate our global money movement capabilities to enhance the customer experience of Diamond Trust Bank.” said Mohamed Touhami El Ouazzani, Regional Vice President, Africa, Western Union.

“The benefits of digital collaboration is resulting in dual benefits for customers and the banking sector enabling more convenience, speed and transparency for global money movement. Western Union’s open platform strategy is enabling financial institutions and other organizations solve the complexities of cross-border, cross-currency transactions and scale their services globally for their customers.” El Ouazzani said.

 DTB Group Chief Executive Officer and Managing Director Nasim Devji said: “We are proud to be one of the first banks in East Africa to offer Western Union digital money transfer services to our customers. More than 80% of transactions happen outside the banking hall and this service is responding to that trend. The launch of Western Union cross-border money transfer functionality within our mobile app provides our customers with an easier and convenient way to send and receive money internationally, staying within our bank’s system.”

The remittances inflows of the Kenyan diaspora play an important role in sustaining the local economy. The latest data from the Central Bank of Kenya (CBK) puts remittances for 2019 at $2.546 billion (Sh256.4 billion) compared with $2.453 billion (Sh247 billion) in 2018. North America accounted for the bulk of the remittance inflow, followed by Europe.  According to the World Bank, remittances accounted for 3% of Kenya’s GDP in 2018.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Our Omni-channel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of December 31, 2019, our network included over 550,000 retail agent locations offering our branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2019, is available in over 70 countries, plus additional territories, to move money around the world. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com

About Diamond Trust Bank

Diamond Trust Bank (DTB) is a leading regional bank listed on the Nairobi Securities Exchange (NSE). An affiliate of the Aga Khan Development Network (AKDN), DTB has operated in East Africa for more than 70 years. DTB’s focus on the Small and Medium Enterprises sector and commitment to enhancing convenience for customers through branch network expansion has driven the Bank’s growth in recent years