SA can send money to Zimbabwe via phone

First National Bank (FNB) has launched an affordable service for customers in SA to send money to residents in Zimbabwe using its cellphone banking channel.

10 Apr 2013

"FNB's Zimbabwe Money Transfer service is more convenient and economical than anything else offered in the market‚" claims Yolande van Wyk‚ head of digital and alternative banking for FNB Africa.

Research data by the World Bank highlighted that 20% of money sent to Zimbabwe from South Africa is spent on getting it home. It is estimated that 1.9m Zimbabweans live and work in South Africa sending around R6.7bn back to their home country.

"We have done extensive research into the cross border remittance market and devised a service that is readily accessible to the people who need it most. People don't always have the time to travel to the bank during working hours and often need to send money home instantly and easily‚" says Van Wyk.

Recipients don't need to be pre-registered but must be residents of Zimbabwe and hold a Zimbabwean identity document. Recipients can collect their money at OK stores in Harare and Bulawayo. FNB is currently rolling out its service to other outlets in the country.

"FNB Cellphone Banking allows senders to transfer South African Rand to Zimbabwe‚ instantly wherever they are. It is in line with the bank's strategy to increase service options on our various digital channels‚" concludes Van Wyk.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za