FNB, Mastercard launch cross-border platform for cheaper, faster transfers

Source: Reuters.

The Globba platform will assist customers looking to send money to other African countries such as Zimbabwe, Malawi, Mozambique and Ghana.

FNB says it aims to eventually extend the service across its African network.

Cheaper and easier remittances and transfers have been a priority issue for South Africa's G20 presidency.

Last month, the G20's Financial Stability Board warned global financial authorities were set to miss a 2027 target of making cross-border transactions faster, cheaper and more transparent.

FNB is the retail arm of Johannesburg-listed FirstRand, South Africa's second-biggest bank by assets.