Western Union & MTN Group Start Mobile Money in Ivory Coast - Analyst Blog

World's leading money transfer company, Western Union Co. ( WU ), has announced the launch of the Mobile Money service in Ivory Coast along with MTN Group.

While the mobile service in Ivory Coast is a new venture, Western Union has an old relation with MTN Group. The money transferor forged an agreement with the telecom operator in 2012, to provide mobile money transfer in Uganda.

As the name suggests, via the Mobile Money service, MTN customers will be able to make transaction via their handheld mobile phones.

More than 7.5 million of MTN customers in Ivory Coast will also be able to receive funds at approximately 900 Western Union Agent locations spread across the country. The customers also have the option to pay for online purchases with MTN Mobile Money.

Western Union is particularly eyeing the market in Ivory Coast, which is attracting many expatriates who in turn generate demand for remittance. The demand for money transfer in the region continues to grow as its gross domestic product (GDP) is expanding.

On the other hand, Western Union is also embracing the use of new age technology for serving its customers. Mobile payments are gaining momentum owing to their convenience and round-the-clock accessibility. This channel will see a faster adoption rate than any other electronic channel. The company currently has mobile money transfer facilities in 17 countries.

The company's Mobile Money Transfer platform, which is included in the Digital channel and includes, is an area that is generating strong growth. The company's strategies are working, and online money transfer revenues increased 31% in the second quarter. The company expects its digital business to be a long-term growth driver.

Western Union carries a Zacks Rank #3 (Hold). The company competes closely with Moneygram International, Inc. ( MGI ), which also offers mobile money transfer facility in many countries, and is actively developing new mobile and online channels to meet its customers' evolving needs to access cash quickly, easily and globally.

Other stocks worth considering include Alliance Data Systems Corporation ( ADS ) and Equifax Inc. ( EFX ). Both these stocks carry a Zacks Rank #1 (Strong Buy).

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WESTERN UNION (WU): Free Stock Analysis Report

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EQUIFAX INC (EFX): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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