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Nedbank launches Send-iMali

July 16, 2014 • Company News, Southern Africa, Top Stories

Video Banking

Video banking is set to change the way clients interact with their banks. (image credit: Techcentral)

Nedbank recently launched Send-iMali. The banking firm has stated that the application is essentially a cost-effective platform in which individuals can send money. According to Nedbank, Send-iMali is a fast, safe and easy-to-use solution for sending money through a cellphone, the internet or the Nedbank App Suite to any valid South African cellphone anytime, anywhere.

According to a Finscope 2013 survey, the number of banked adults in South Africa increased by 8% last year to about three-quarters of the adult population. However, while more people in South Africa are becoming banked, millions remain unbanked. If we want to achieve financial inclusion, our focus has to be on accessibility and digital innovation, the company said.

Anton de Wet, Managing Executive of Client Engagement at Nedbank stated that: “We are pleased to bring Send-iMali to market as another of our client-centred innovations. The Finscope survey also revealed that digital innovations have aided financial inclusion. We are encouraged by the growing numbers of people who are becoming banked.”

“Send-iMali is a safe and instant money transfer solution that allows anyone with a cellphone to receive funds through a Nedbank ATM. This service can even be used by clients who may have forgotten their wallet or card at home, as it allows them to use a cellphone to make cordless withdrawals at a Nedbank ATM. It can also be used in rural areas, where many people have to travel long distances to access banking and need fast, safe and easy-to-use money transfer services,” added de Wet.

Nedbank clients can use Send-iMali through Nedbank’s digital channels, including internet and cellphone banking and the Nedbank App Suite.

The recipient will receive an SMS on his or her cellphone with a prompt to dial *120*001# to generate a unique PIN that can be used at any Nedbank ATM for the purpose of accessing the money, even without a bank card.

The recipient receiving the money through Send-iMali does not need a bank account, bank card, identity document or proof of residence. All that is required is a South African cellphone number.

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