FNB eMoney Product House CEO Yolande van Wyk has announced the launch of ‘Send Money’ – an instant solution for FNB customers to transfer money to anyone with a South African mobile phone.
According to FinScope, 3.8 million people send money to family and friends living within South Africa annually. Most family members to whom money is sent receive it in cash. Now FNB customers can send money instantly to anyone who has a South African phone. The receiver does not need to have a bank card or a bank account to access the money sent to them, they simply withdraw their money from one of the 4,300 FNB ATMs across the country.
‘FNB’s Send Money offers money-senders an instant and secure money transfer service, as well as offering receivers various electronic transaction options,’ says van Wyk. The receiver gets an automated SMS telling them how much money has been sent and instructing them how to get the money. The receiver can then request a temporary ATM PIN to withdraw the money at service FNB ATMs without the need of a bank card.
‘Prior to the launch of Send Money, we conducted research on the challenges being faced by consumers when sending money. Some of the concerns were about whether the money would get to its destination, how long it would take to get there and the costs associated with sending money,’ continues van Wyk.
These concerns derive from the fact that money sent is for basic needs such as food and groceries. ‘FNB customers can send money instantly, at any time of the day or even at night, without having to wait for the branches to open the next day. We are providing our customers with a secure way to send money to loved ones when they need it. It is also simple to use,’ says van Wyk.
There are no bank charges to withdraw at ATMs so receivers will get all of the money sent to them. Withdrawals can be made in full, or receivers may choose to withdraw part of the money and keep the rest in a Wallet for future use.
In addition, receivers will have access to other services with the money in the ‘Wallet’. They can buy prepaid airtime for themselves or someone else, send money on to someone else, check their balances and shop online using Cell Pay Point, a service that allows the receiver to pay for online shopping using their mobile. FNB has put in place a number of consumer education initiatives to ensure a better understanding of the sending and receiving process.
‘Part of the attraction to the payment service is that it makes use of the cellphone. This device, which is being used by millions of South Africans, is closing the distance between sender and receiver. With Send Money and other innovations from FNB, we are committing to bridging the gap between the banked and unbanked. Through the use of innovative technologies we believe that we`ll be able to significantly change the way people manage their money,’ says Len Pienaar, CEO, FNB mCommerce.