Oceanic Bank Gets Western Union Endorsement
By Tunmise Adekunle
First Data, the parent company that owns the Western Union Money Transfer franchise, which specialise in electronic commerce and payment services has commended Oceanic Bank International Plc for exceeding projected target in its service delivery for Western Union.
This formed part of the deliberations at the corporations investors forum held at St. Regis Hotel, New York in the United States from September 6 8, 2004.
The criteria used for inviting the agents were based on recommendation forwarded by the head of each region. Thus Mr. Hikmet Ersek, which heads, Africa the Middle East and Eastern Europe picked Oceanic Bank as the best in his region.
The objective of the investors conference was to review the activities of First Data and to look at the "forward-looking statements" which ar based on various expectations and assumptions concerning future events. These however, are based on unknown risks and uncertainties which coul cause actual events to differ materially from those projected.
Recognising the importance that a promising and emerging market like Nigeria plays with a large number of Nigerians in Diaspora using the facility, the corporation felt the need to have first hand assessment of it activities given Oceanic bank's performance in just under one year after its appointment as a Western Union Partner Bank. The Bank was signed on as an Agent in 2003.
With over 200,000 agent locations worldwide and $151 billion remittance annually, the service is the preferred mode of fund transfer based on it reliability and efficiency. Africa has an annual estimate of $2 billions.
The commendations from Western Union is coming on the heel of a flurry of commendations and accolades that has trailed the bank since it opened its 3.2 billion Invited Public Offering.
stating that it is "A financial institution of very good financial condition and strong capacity to meet its obligations as at when due".
Global Rating of South Africa which rated the bank " A1 +, "M" says it has "very high credit quality, highest certainty of timely payment and short term liquidity is outstanding". Pharez Limited, a Rating/Acquisition and Merger firm equally said the bank is in "very good financial condition with strong capacity to meet obligation as at when due.
Other scorecards include 2003 Central Bank of Nigeria (CBN) Bankers Committee Awards for Best Bank in Real Sector Financing; "High Ethical Bank" adjudged by CBN Bankers' Committee on Real Sector Financing Award. Western Union Money Transfer Award for surpassing set target, largest participating Bank clearing Centre 'PBCC'. In the Nigerian Automated clearing system and leading investor in Small and Medium Industries Equity Investment Scheme (SMIEIS).
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