Nile Bank Expands Western Union BranchesDate: Friday, April 16, 2004
A planned increase in Western Union branches is in the works to boost the growing telegraphic money transfers.
Under the expansion, Nile Bank will increase its Western Union branches from 43 to 60 countrywide and Diamond Trust Bank add ten more, it was announced on Wednesday.
The revelation came as the two Western Union agents in Uganda unveiled a campaign, Back-to-school, that could rip in more money as students begin to trek home for the second term holidays next week.
"We have seen that there is a lot of potential outside Kampala," the Nile Bank Executive Director, Mr Shahar Meidan said.
"We see school fees sent to India, and Kenya. And some of it goes to the U.K and the U.S."
Also, Nile Bank has sub contracts with Pride Uganda, Uganda Micro finance Union and Centenary Rural Development Bank on Western Union centres.
Mr G. Ganesh, the senior manager, International Banking and Treasury at Diamond Trust Bank, said that they expect the promotion to build loyalty for Western Union transfer facility.
An estimated 85 percent of all fund transfers are inwards.
The last Back-to-School promotion was done in 2000.
The promotion runs from April 13 up to May 14.
For each transaction, Ms Eva Akol, the head of Western Union at Nile Bank said, a client receives an instant gift such as a ruler, and is entered into a grand draw in which 14 scholarships each of $ 250 (Shs 480,000) are up for grabs.
The central region will get six scholarships; the rest of the four regions will get two scholarships each.
"In those times when children go back to school, you see a significant increase in transfers," Meidan said. "So we assume that some of it is for school fees."
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