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Western Union in Mali Reactivates Money Transfer Services to and from ECOWAS Countries
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Western Union has relaunched its money transfer services in Mali, connecting customers to the Economic Community of West African States (ECOWAS). This reinstatement follows a temporary suspension due to nationwide restrictions. Regional VP Mohamed Touhami El Ouazzani emphasized the importance of these services, stating they are a lifeline for many individuals. The resumption allows transfers to multiple countries including Ghana, Nigeria, and Senegal. In 2021, remittances accounted for 5.5% of Mali's GDP, highlighting the significance of this service for the economy.
Positive
Relaunch of money transfer services in Mali facilitates cross-border transactions with ECOWAS countries.
Western Union has operated in Mali for over 20 years, indicating strong market presence.
The service reinstatement allows transfers to key countries, enhancing customer connectivity.
Negative
None.
BAMAKO, Mali--(BUSINESS WIRE)--
Western Union today announced that it has relaunched money transfer services for customers in Mali seeking to send and receive money from the Economic Community of West African States (ECOWAS). The move reinforces Western Union’s commitment to Mali and to enabling cross-border money movement for customers in the country.
“We are excited to relaunch our money transfer services connecting Mali to ECOWAS,” said Mohamed Touhami El Ouazzani, Regional Vice President of Africa at Western Union. “Money transfers are a lifeline for many, and any disruption in services can cause an impact on the lives of customers and their families. Although we temporarily suspended our money transfer services in Mali to and from ECOWAS countries, we worked quickly to responsibly resume our services soon after the nationwide restrictions were lifted.”
Western Union’s international money transfers have continued to be available in Mali, connecting customers to the rest of the world. The lift of restrictions means that customers can now once again use Western Union services to send to and receive money from Benin, Burkina Faso, Cabo Verde, Cote d'Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
According to 2021 figures published by the World Bank, Mali received 1.05B in remittances‑which accounted for 5.5% of its GDP.
Western Union operates one of the largest cross-border money transfer platforms in the world, moving money to and from 200+ countries and territories. Its purpose is to connect people wherever they are in the world so they can send and receive vital support.
Western Union has been operating in Mali for over 20 years. The Company offers international money transfers across digital and retail channels through an extensive network of Agents. It will continue to focus on enabling speed, choice and efficiency for customers, as well as driving economic empowerment through money movement around the globe.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.
