Cross-border remittances are very popular in South Africa, largely thanks to the number of migrant workers our country attracts. In its latest update to its transactional banking app, South Africa’s FNB has now included the ability to send money from South Africa to Zimbabwe and Mozambique.
The bank’s Zimbabwe Money Transfer service was first introduced on Cellphone Banking in April last year and allows qualifying FNB customers in South Africa to send money to residents in Zimbabwe. Last November the bank added the capability to send money to Zimbabwe to its online banking platform, and the ability to send money to Mozambique using either platform was added in June this year.
“The rollout of our services on the FNB Banking App has always been driven by customer demand,” says Giuseppe Virgillito, head of banking app for FNB Mobile and Connect.
“The Money Transfer service is an important addition to the FNB banking app as there is a growing need for ease of payments between countries and, with an increase in affordable smartphones, more customers will be using App banking for all their banking needs.”
To make use of the service consumers need to download the FNB banking if they don’t already have it, or update the current app to the latest version. The service remains available on both FNB’s cellphone and online banking services.
To qualify to use the service, senders must have an FNB account and be registered for FNB’s inContact notifications service. Senders can send up to R3 000 a day, and a maximum of R10 000 a month to either Zimbabwe or Mozambique. If funds aren’t collected within 14 days they’re returned to the sender.
There’s no need for the recipients of transfers to register for the service, but they must hold a valid identity document in the country where they are receiving the funds. Money can be collected at selected OK Ltd stores in Zimbabwe. In Mozambique, funds can be collected at one of FNB’s 15 branches around the country.
Leonora van der Plas, head of cross-border remittances at FNB says the value FNB’s Money Transfer service adds to customers’ lives is obvious. “Being able to send money instantly from your phone, desk or smart device makes this a truly convenient and affordable way to send money home in an emergency, as the sender does not need to take time off work or travel to a branch or agency.”
She adds that FNB intends “continually enhancing” its cross-border remittance service functionality on the app “as it affords customers a convenient and improved banking experience”.