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Cheap instant money transfers to Zimbabwe

4 Dec 2012

Standard Bank and Stanbic Zimbabwe have teamed up with OK Zimbabwe to offer person-to-person money transfers in real time from South Africa to Zimbabwe. This means Standard Bank account holders, residing in South Africa, can send money instantly via the secure, cost-effective, uncomplicated and easily accessible Instant Money International transfer system, developed by Standard Bank.

Using the transfer system, Zimbabwean residents can receive and collect their money at any of OK Zimbabwe's 55 stores nationwide. The recipient in Zimbabwe does not need to have a bank account to receive the money.

The service is currently available online to the bank's internet banking customers but will be expanded to its more accessible Access Point network in future.

Prior to the launch of this system in Zimbabwe, money transfers systems to that country have been scarce and costly. Limitations include delays in the recipient receiving the funds, additional fees payable by the recipient and a scarcity of accessible cash-out points. This has resulted in recipients having to travel long distances to retrieve their funds.

The instant system and the cost of R50 per transaction, makes it the quickest and most cost-effective way to send money to Zimbabwe. It is safer and more reliable than informal methods, such as using a friend or taxi driver, to carry money.

"There is huge potential for a successful and widespread uptake of the service, with five million Zimbabweans living and working in South Africa and having family based in their home country," said Ngoni Simelane, head: technology and innovation: beyond payments division, Standard Bank South Africa.

The bank is already working to expand the system to other Southern African countries.