South African Bank Offers Mobile Money Transfers to Neighbouring Countries
Published on: 15th Aug 2012
Note -- this news article is more than a year old.
South Africa's First National Bank (FNB) is launching cross border payments to Swaziland and Lesotho via a cellphone using its Pay2Cell service.
Pay2Cell, which launched in September 2011, enables FNB Cellphone Banking customers to make payments directly into other FNB accounts using only the recipient's cellphone number, i.e. no bank account details are necessary.
"Traditionally making payments to other African countries has been limited to internet banking for senders or making a deposit or withdrawal through a branch or via an international money transfer company. We needed to have a simpler solution for our customers" says Ravesh Ramlakan, CEO of FNB Cellphone Banking.
"Offering cross border payments from a cellphone allows our customers to send and receive money instantly. In addition to this, the use of only the recipient's cellphone number makes the payment process extremely simple for our customers. Pay2Cell is a confirmation of how we are constantly innovating to the benefit of our customers" says Dione Sankar, COO of FNB Cellphone Banking.
With the launch of Pay2Cell cross border payments, the service will benefit South African FNB customers as well as customers in Swaziland and in Lesotho. In South Africa, Pay2Cell has seen in excess of 400% growth of transaction values since inception.
All that is then required to complete the transaction is the recipient's cellphone number and the value to be paid. The maximum transaction value is R1500 per day.