FNB to speed up Zim money transfers

2013-04-09 10:23
(Duncan Alfreds, News24)

(Duncan Alfreds, News24)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cape Town - First National Bank (FNB) has announced a money transfer service intended to disrupt the technology used to move money to Zimbabwe.

FNB announced on Tuesday that cellphone technology allows for FNB clients living in SA to send money to the neighbouring state.

Zimbabweans use a variety of formal and informal means to send money home, and FNB said that their new service was intended to provide a cheaper alternative that could disrupt existing channels.

"I think so yes: The big change is that it's all real time and immediate. If I send the money now, my sister in Zimbabwe can get the money now," Yolande van Wyk, Head of Digital and Alternative Banking for FNB Africa told News24.

She said that Zimbabwe was the largest corridor for money leaving South Africa on the continent, and FNB was looking at how the service could be expanded.

Transfer services

"If you look at the primary corridors... Zimbabwe is the biggest corridor out of South Africa, but there are other significant corridors as well such as Mozambique, Swaziland, Lesotho - is actually a big one as well.

"We're looking at what we can do there, yes," said Van Wyk.

It is estimated that 1.9 million Zimbabweans live and work in SA sending around R6.7bn annually to Zimbabwe.

News24 has learned that some Zimbabweans send money with taxi drivers that anything from R20 to R40 per R100 to deliver cash to recipients in Zimbabwe, while other may make use of Money Link or similar transfer services that convert rand into dollars.

The FNB service bypasses currency conversion so that users save money and the cash is instantly available at partner stores in Zimbabwe.

"It's a rand to rand based transaction so there's none of the exchange commissions that you would pay, say if it was rand to dollar.

"We've got two stores live at the moment - one in Harare and one in Bulawayo - and this is being rolled out to further stores inside Zimbabwe," said Van Wyk.

FNB channels

Users of the FNB money transfer service, who have to be FNB account holders, will pay R45 for R1 000 and R70 for a maximum of R1 500, with no fees for the recipient. The cash will be available at OK Ltd stores in Harare and Bulawayo.

Van Wyk said that other FNB channels like the banking app and internet banking were not perfectly suited to the demographic that relies on cellphone banking.

"The markets we're targeting are generally those that would be using cellphone banking, but we're definitely not going to be limiting it only to cellphone banking in the future."


- Follow Duncan on Twitter
 
- News24
Read more on:    fnb  |  mobile  |  e-commerce
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
26 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Mind power dominates and can help you to uncover things from a deeper level, but it can also create entanglements if you let your...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.