Western Union unveils new facility

each other funds, an official said yesterday.
Before the introduction of internal transfer system, Western Union was only transferring funds from the Diaspora into the country.
However, as salaries and the economy improve buoyed by the adoption of the multiple foreign currency system, the international money transfer agency is now reopening branches that it had closed as well as opening new ones.
People’s Own Savings Bank marketing manager Ms Hope Marere said Western Union had since established five branches across the country to handle internal transfer transactions.
POSB is an agent for Western Union.
“There are five agencies that are now transferring money through the Western Union domestic transfer system,” she said.
Ms Marere could, however, not divulge the volumes of money the POSB was transferring within the country.
Western Union is charging a minimum of US$2,00 for transactions done locally.
Economist Mr Innocent Makwiramiti said the Western Union domestic transfer facility could prove to be more efficient than the Real Time Gross Settlement system.
“The Western Union domestic transfer platform is much faster than the RTGS in terms of sending and receiving money. More people might prefer to use it because of its efficiency,” he said.
The Western Union has presence in more than 200 countries. – New Ziana.