* Digital revenues currently just 3 percent of total
* Africa one fifth of Western Union global business
By Chijioke Ohuocha
LAGOS, June 18 Western Union Co expects
revenue from its digital business to grow to $500 million by
2015, from $150 million currently, its chief executive said on
Chief Executive Hikmet Ersek told reporters during a visit
to Nigeria's commercial hub of Lagos that while the digital
business is only about 3 percent of its $5.6 billion total
revenue, it was the fastest growing.
"By 2015, I believe ... digital will be about $500 million
revenue and today its $150 million," he said.
Ersek said he did not expect any major acquisitions after
the $970 million deal with Travelex two years ago, but could
consider targets within the $100 million to $200 million mark,
if they support its existing transfer business.
The world's largest money transfer company is cutting prices
and investing in new technology to fight competition and regain
lost market share in the remittances market.
He said Africa represented a fifth of its global business
and saw opportunities for growth in intra-African transfers, as
the continent's economies prosper.
"Africa is one of our strongest markets, especially
Nigeria," he said. "Nigeria is at the forefront of our expansion
Ersek said Nigeria is the fifth-biggest remittance
destination after China, India, the Philliphines and Mexico,
with 5 million Nigerians living abroad sending money back to
relatives. The country is Africa's most populous, with 170
Last year, Nigeria received $10 billion in remittances from
citizens living abroad, out of $40 billion into Africa in total.