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FNB unveils SA-Mozambique money transfer

FNB unveils SA-Mozambique money transfer service.

South African bank First National Bank (FNB) has launched a cross border money transfer service to Mozambique.

FNB first launched its cross border money transfer service last year for customers wanting to send money to residents in Zimbabwe.

In a statement the bank said that qualifying FNB customers in South Africa will now be able to send money to residents in Mozambique instantly, through its cellphone and online banking channels.

The FNB Mozambique money transfer service will enable customers to send R1,000 at a cost of R45, which is 4.5% of the value of the remittance. Recipients don’t need to be preregistered but must be residents of Mozambique and hold a formal Mozambican identity document.

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.

“We have seen with the FNB Zimbabwe Money Transfer service that there is a real need for a remittance service that is readily accessible,” explained Leonora van der Plas, head of cross-border remittances at FNB.

“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,” she added.

In 2012 FinMark estimated that 486,840 Mozambicans live and work in South Africa sending around R1.6 billion annually back to their home country.

And according to FNB it has seen a 26% month-on-month growth in send transaction volumes for its FNB Zimbabwe money transfer service.

“After Zimbabwe, Mozambique, as a SADC neighbour, seemed to be the next logical step to take the service,” said van der Plas.

“A service that allows for instant, affordable money transfer and is more secure than informal channels, should be well received.”

Van der Plas also said unlike Zimbabwe where FNB partnered with the retailer OK to allow transfers, in Mozambique the bank plans to use its own infrastructure.

FNB Mozambique has 15 branches and the money transfer service will be available in all branches, from Nampula in the north, to Maputo in the south, the statement noted.

“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,” said Graca Pereira, chief executive officer of FNB Mozambique.

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