UNITED Bank for Africa Plc is planning to get a large chunk of the over $10 billion remittances from the Diaspora.

The bank, which at the weekend, launched its Western Union service in Lagos, sees a good opportunity to capture the businesses in the sector.

"We are delighted to be launching the Western Union service following a comprehensive rollout in our network.

‘’UBA will deploy technology, skilled personnel and customer service to the Western Union Money Transfer service to desired business level not only in Nigeria but across Africa," the Managing Director of United Bank for Africa Plc Philips Oduoza, said.

He said UBA was once rated as the fasted growing Western Union agent in the country and expressed optimism that the feat will be repeated following the new partnership.

Oduoza said Africans are good agent for remittances, and disclosed that over $21 billion yearly remittances occur in the continent despite global economic crisis and declining foreign direct investments.

He said Nigeria remains a dominant force in funds transfer business in the continent, a business which Western Union is a also a major player.

He said the bank has put anti-money laundering processes in place with a compliance system that meets world’s standard.

Speaking on behalf of Western Union, Regional Vice-President for Economic Community of West Africa States(ECOWAS), Aida Diarra, said the money transfer firm is continually expanding its network in Nigeria to include new agents.

"As one of the largest financial institutions in Nigeria and Africa with significant branch network, UBA is an excellent addition to our agent network complementing our already extensive reach across the nation," she said.

Diarra said consumers demands are changing and Western Union is working assiduously to address every concern affecting its operations in the continent.

She said her company is pleased to be working with UBA and disclosed that Western Union will continue its expansion in Nigeria and across other African countries. UBA says the Western Union will be available at all its branches in the country.

Currently, the bank has 750 branches in Nigeria, serving over six million customers.

The announcement is directly aligned to Western Union’s commitment to expanding the company’s network by working with reputable organizations to provide quality service to its customers.

Remittances to Nigeria and Africa play an important role in the development process and are estimated to exceed the level of overseas development.

Western Union says it is committed to continuing its expansion in Nigeria and across Africa as it seeks to expand its role in connecting consumers in the Diaspora with home and enabling the flow of vital funds that contribute to development around the globe.

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