This strengthens its position as the continent's largest financial network services.Western Union first launched its services in the mainland in 1995 in Ghana. In the first year, had extended its services to reach 10 countries.
More recently, a rate of 25 percent growth in the second quarter of 2009 has seen the network grow from 15,000 to 20,000 officers in the space of 12 months.
Since its inception, the network growth has been driven by a focus on strengthening relationships with existing agents, extending Pan_African group level agreements and the introduction of innovative and reliable services that meet the needs particular customers to send and receive money over the continent.
In particular, Western Union has introduced innovative methods for the transfer of money, such as mobile money transfers in Kenya and South Africa
. According to a 2009 report published by the International Fund for Agricultural Development (IFAD), remittance flows to Africa reached approximately U.S. $ 40 millions of dollars each year. This exceeds the official development assistance and, in the case of many countries, foreign direct investment as well.
Khalid Fellahi, Western Union Vice President for Africa, commented:"While this milestone is a great achievement and one that reflects the current global demand for Western Union services, we recognize that a large number of Africans still lack access to financial services.
In particular, there is a real opportunity to empower more people offering money transfer services through different kinds of trade such as retail and microfinance institutions. "Recent additions to the network of agents include United Bank for Africa through 6 countries and the addition of four new agents in Ethiopia.
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