South African bank FNB launches money transfer service in Mozambique
South African bank FNB has launched a new service that allows its customers to send money instantly to Mozambique by mobile phone or online banking.South African bank FNB has launched a new service that allows its customers to send money instantly to Mozambique by mobile phone or online banking.
FNB Mozambique CEO Graca Pereira told the Mozambique News Agency: "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"."
To benefit from the service, the recipient does not need a FNB account and can receive cash at any of the company's fifteen branches in Mozambique.
FinMark 2012 estimates that 486
840 Mozambicans live and work in South Africa sending around R1.6 billion (€109 million) annually back to their home country.
The launch follows the company's decision to open a similar service to Zimbabwe. Launched a year ago, FNB has seen a 26 per cent month-on-month growth in send transaction volumes.