FNB’s Money Transfer service to Zimbabwe is rapidly expanding with a 102% year-on-year increase in cross-border sends in the last financial year.
With the expansion of its service to a wider network of OK stores in Zimbabwe, FNB expects to see further increases in demand for this affordable cross-border service.
“With so many Zimbabweans reliant on receiving money from their family members who work in South Africa, the ease and convenience of FNB’s Money Transfer service is evident in the growth in sends and repeat usage by customers,” says Leonora Van der Plas, Head of Cross-Border Remittances at FNB.
“Access via electronic channels is an important strategic imperative for FNB. This increases the service options that customers can perform instantly, wherever they are, without having to travel or take time off from work, especially in the case of emergencies,” says Van der Plas. “It is also enables us to offer the service as one of the most affordable in the country.”
FNB’s Zimbabwe Money transfer was launched on Cellphone Banking in April 2013, became available to Online Banking users in November 2013 and was launched on the FNB Banking App in September last year.
“More and more customers are choosing the FNB Banking App as a preferred channel to send money, which is indicative of customers’ need to send money from anywhere, at anytime.”
FNB has expanded its cash-out points in Zimbabwe, and is now available in 33 OK stores. The service is now being rolled out to even more outlets.
“The expansion of the stores where money can be collected is important in order to make sure the service is as accessible as possible to recipients,” says Van der Plas. FNB also launched its Mozambique Money Transfer in April 2014, where recipients can collect funds at any of the 15 branches in FNB Mozambique.