A year after launching its Zimbabwe Money Transfer service, FNB has added an additional cross border service, this time to Mozambique. This service is available to qualifying FNB customers in South Africa in order to send money to residents in Mozambique instantly, via the company’s Cellphone and Online Banking channels.
Leonora van der Plas, Head of Cross-border Remittances at FNB, stated that: “We have seen with the FNB Zimbabwe Money Transfer service that there is a real need for a remittance service that is readily accessible. People don’t always have the time or money to travel to the bank during working hours and often need to send money home at short notice.”
Launched a year ago, FNB has seen a 26% month-on-month growth in send transaction volumes for its FNB Zimbabwe Money Transfer service. With good customer feedback and over 66% repeat usage, the service is showing solid growth.
Although the World Bank estimated that around USD 220m was remitted to Mozambique from across the world in 2012, money transfer services to the country are not as developed as between other countries, resulting in people relying on informal channels such as taxis and friends or family. Informal charges can be up to 20% of the remitted value.
“After Zimbabwe, Mozambique, as a SADC neighbour, seemed to be the next logical step to take the service,” says van der Plas. “A service that allows for instant, affordable money transfer and is more secure than informal channels, should be well received.”
Graca Pereira, CEO, FNB Mozambique said that: “With so many Mozambicans reliant on receiving money from their family members who work in South Africa, the ease and convenience that the introduction of this Money Transfer service offers, will make the lives of our customers easier.”
The FNB Mozambique Money Transfer Service is based on a tiered pricing structure. Recipients don’t need to be preregistered but must be residents of Mozambique and hold a formal Mozambican identity document.
In order to use the service, senders must have a qualifying FNB account and be registered for inContact and Cellphone Banking or Online Banking. Senders can send up to R1 500 a day on Cellphone Banking and up to R3 000 a day on Online Banking, or R10 000 a month to Mozambique.