Expanding its digital business
During a visit to Lagos, Western Union Chief Executive Hikmet Eresek revealed he expects revenue from its digital business to grow to USD500m by 2015, from USD150m currently.
Moreover, he noted that while the digital revenue represents only 3% of its USD5.6bn revenue, it is the fastest growing. The company plans to invest in new technology and seek opportunities for growth in the African market to reach its goal. Cutting prices is also on the agenda.
“Africa is one of our strongest markets, especially Nigeria,” Ersek said. “Nigeria is at the forefront of our expansion plans.”
However, Ersek said he did not expect any major acquisitions after the USD970 million deal with Travelex two years ago, but could consider targets within the USD100 million to USD200 million mark, if they support its existing transfer business.
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