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Nedbank partners with Western Union to offer state-of-the-art money transfer solution

Nedbank partners with Western Union to offer state-of-the-art money transfer solution
27-06-24 / Shelly Nxumalo

Nedbank partners with Western Union to offer state-of-the-art money transfer solution

Johannesburg  - In today's interconnected world, sending money seamlessly across borders is more than just a transactional requirement; it’s a way of staying connected to friends and family, sharing experiences, and supporting those you care about - no matter the distance between you.

To enable these types of global connections, Nedbank has partnered with Western Union to offer a state-of-the-art money transfer solution that allows people to send and receive money between more than 200 countries and territories quickly, affordably and reliably, through the Nedbank Money App and internet banking platform.

According to Vanesha Palani (pictured), Executive: Financial Management at Nedbank, the collaboration with Western Union represents another way in which Nedbank is harnessing the power of digital to add meaningful value in the lives of its clients and their families. “Whether it's a parent supporting a child studying overseas, a spouse or an adult child managing expenses for their family back home, or just sending some money to pay for an important celebration, this partnership ensures that people can stay connected no matter the distance that separates them,” Palani says.

She explains that Nedbank’s main goal with the solution is to provide a service that not only offers convenience and speed but also prioritises the security of people’s transactions and offers real value for money. To deliver on these objectives, the offering leverages Western Union's global network and combines it with Nedbank’s trusted banking services and digital leadership. The result is the ability to send money to loved ones in over 200 countries and territories swiftly, with multiple payout options, including cash at Agent locations and transfers directly into bank accounts or mobile wallets.

According to Mohamed Touhami El Ouazzani, Regional Vice President of Africa at Western Union, the co-branded digital service is crucial as it provides customers even greater convenience when sending and receiving money around the world. “We are excited to launch Western Union’s international money transfer services on the Nedbank Money App and internet banking platform,” he says. “South Africa is home to the highest number of international migrants on the African continent and it also has significant diaspora communities abroad. Combining Western Union’s extensive global network with Nedbank’s innovative platform makes financial services accessible to these populations – ultimately nurturing even stronger connections between people, their families and communities.”

Palani emphasises that the collaboration not only promotes financial inclusion by providing access to financial services for both senders and receivers, but also showcases the power of digital in connecting people across borders. “We understand that every cross-border transaction is far more than just sending money; it’s a way of sharing in life's significant moments,” she adds, “so this global money transfer service in conjunction with Western Union is Nedbank’s way of doing good by helping people strengthen these emotional bonds.”

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