Women set to move US$ 300.6 Billion; half of $601.3 Billion in
Global Remittances in 2016
ENGLEWOOD, Colo.–(BUSINESS WIRE)–In honor of International Women’s Day 2016, The Western Union Company
(NYSE: WU), a leader in global payments services, recognizes the
contributions made by global women work-force in their communities –
both in their adopted country as well as their homeland.
The company also saluted developed and emerging economies for paving the
way for these women to cross borders and called for greater recognition
and integration as women emerge as powerful drivers of economies.
Of the 247 million migrants around the world, women account for nearly
50 percent and are set to move half of the estimated US $601 billion
that will cross borders in 2016.1 More than 75 percent of
these remittances flow into developing countries, underpinning a
powerful economic dialogue between families from one side of the globe
to the other.
These women move money as much as men but at a greater percentage of
their income. They are better educated, with three in 10 having attained
a university education, compared to about two in 10 of their male
counterparts. These women have attained higher education and have lower
overall employment rates than men, a pattern observed globally as well
as across developed nations.
“International Women’s Day is an opportunity to shine a light on the
accomplishments of women, especially the hundreds of millions that cross
borders and are economic change agents for their families, their home
countries, and their host nations across the globe,” said Hikmet Ersek,
President and CEO, Western Union.
“This day is also about acknowledging the nations that enable these
women to succeed and pave the way for immeasurable possibilities. We
call upon the world community to further recognize the skills of these
women, drive greater integration and magnify their opportunity so they
are prepared for 21st century careers,” said Ersek.
Mr. Ersek joins a host of global leaders in recognizing the
contributions of women around the world on this International Women’s
Day and supports www.internationalwomensday.com/PledgeForParityCampaign.
“At Western Union, we are driving our company to greater success with
women representing more than half of our 10,000 employees. They are
helping to ensure we meet global consumers’ cross-border money transfer
needs and collaboratively achieve our fintech vision,” said Ersek.
The company recently appointed two women to senior positions, Elizabeth
G. Chambers as Chief Strategy and Product Officer and Jacqueline
Molnar, Chief Compliance Officer. Both appointments will play a
significant role to advance Western Union’s strategic fintech vision and
omni-channel approach in moving money across currencies and borders for
a broad base of individual consumers, small businesses, large
corporations, universities and NGOs.
In addition, Western Union and the Western Union Foundation are
launching the second phase of Education for Better. This phase will
continue throughout the next five years, with a goal to help 50,000
women and youth build job skills that prepare them for 21st century
CHAIN OF BETTERS
The Western Union® Chain of Betters Competition (www.chainofbetters.com)
is highlighting gender parity throughout the month of March. Five
special additional awards have been made available for people submitting
ideas for “betters” that benefit education or social improvement for
women or girls anywhere in the world. This initiative is being
publicized with a film about a young South African woman, Siba Gqirana,
who is training to become a pilot thanks to the company’s overarching
Chain of Betters program. Even in 2016 only 5% of pilots around the
world are women. Learn more about Siba and her family in the video below https://youtu.be/OWNNXlwZ4N0.
The Western Union® Chain of Betters Competition, designed to kick start
a chain of selfless good deeds around the world, awards US$1,000 (or
local currency equivalent) to projects that make lasting positive change
for individuals and communities around the world, with nominations
accepted from 128 countries and territories worldwide. No purchase
necessary. Void where prohibited. Open to legal residents over 18 years
of age in eligible countries. Subject to terms and conditions at
About International Woman’s Day
Each year International Women’s Day (IWD) is celebrated on March 8. The
first International Women’s Day was held in 1911. Thousands of events
occur to mark the social, economic, political and cultural achievements
of women. Organizations, governments, charities, educational
institutions, women’s groups, corporations and the media around the
world celebrate the achievements of women while calling for greater
equality. #PledgeForParity is the 2016 theme for the
internationalwomensday.com global hub, encouraging effective action for
advancing and recognizing women.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of December 31, 2015, the Western Union, Vigo
and Orlandi Valuta branded services were offered through a combined
network of over 500,000 agent locations in 200 countries and territories
and over 100,000 ATMs and kiosks, and included the capability to send
money to over one billion accounts. In 2015, The Western Union Company
completed 262 million consumer-to-consumer transactions worldwide,
moving $82 billion of principal between consumers, and 508 million
business payments. For more information, visit www.westernunion.com.
1 World Bank Migration
and Remittances Factbook 2016
Global Corporate Communications:
Díaz, +1 (303) 547-2347
and European Union:
Pia De Lima, +1 954 260 5732
East, Africa, Asia-Pacific, Eastern Europe & CIS:
Sahu, 971 4 4373656