SA can send money to Zimbabwe via phone

10 Apr 2013

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.

"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

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