Orascom Telecom partners with Western Union
Wednesday, October 22, 2008 18:06Orascom Telecom Holding (OTH) has created an alliance with Western Union Company to initiate mobile remittance services in selected markets in which Orascom Telecom operates, seeking to facilitate “low-principal, high-frequency” remittances.
According to Naguib Sawiris, OTH chairman and CEO, Orascom Telecom’s operations exist in countries with large populations having “limited access to financial services.” Western Union already offers mobile money transfer services to Globe Telecom and Smart Communications subscribers in the Philippines.
In its daily market report, Beltone Financial said, “In light of the growing demand for money transfer worldwide, either in the form of remittances or regular money transfer between individuals, the need for more practical, faster and more reasonably priced methods continues to arise.
“We believe that Orascom Telecom can capitalize on this opportunity, with its subscriber base of 77 million subscribers located in countries with large populations who may lack access to financial services, which receive significant flows in remittances every year.”
Bangladesh received $6.6 billion in remittances in 2007, Pakistan received $6.1 billion, and Egypt $5.1 billion, according to statistics from the World Bank.
