Western Union launches $50m package

Business pg Jan 24, 2008

Story: Charles Benoni Okine

THE Western Union Company in collaboration with its foundation has launched a $50 million package to empower migrant families to send more money to their friends and relatives back home.
Christened, “Our World, Our family”, the initiative which is also aimed at helping migrant families to stay connected, overcome barriers and realise their dreams will be carried out through intensive education and global economic opportunity programmes.
At a news conference in Accra to launch the initiative, Mr Khalid Fellahi, the Regional Vice President, Africa, of the company said the move formed part of the company’s corporate social responsibility.
“Once we take from our customers, we also need to pay back and this time it is about encouraging migrants to have a bond of relationship between them and their families,” he said.
“’Our World, Our Family’ will help leverage the impact of remittances, one of the world’s most powerful forces for economic development,” Mr Fellahi said.
Ghana’s annual remittances have $2 billion in the early 2000s to $4.78 billion as of the end of 2007.
The present figure, a large percentage of which is through the Western Union money transfer system, is said to be far in excess of what the donor community gives to Ghana as aid.
Mr Fellahi, who was flanked by other high-profile executive members of the company, including Ms Karen Jordaan, Marketing Director, Mr Paul Foster, Vice-President, Marketing, Europe, the Middle East, Africa and South Asia, and Aida Diarra, said the company had a lot of measures in place to curb the practice of money laundering .
“We have built international recognition and that is why we spend several millions of dollars to curb such a practice. We have a special outfit on its own which ensures that any such practice is checked,” he added.
Mr Fellahi said it was part of the company’s medium to long-term plan to have automatic teller machines (ATMs) to dispense money to its customers.
He said that was part of a grand plan by the company to roll out products to meet the taste, request and aspirations of its customers.
“We need to ensure that our customers are served with the money sent to them from their relations without any hassle,” he added.
Mr Fellahi said the company was also negotiating with the GSM mobile service operators to explore the possibility of money transfer through the phone.
He described the idea as unique and one which fell in line with efforts by the company to bring its services even more closer to the doorstep of its customers.
Mr Foster, for his part, said the corporate social responsibility initiative was geared towards ensuring that people succeeded wherever they found themselves.