Absa, a subsidiary of Barclays and significant player in the South African money transfer market, has announced it has processed over a billion rand in total values via its CashSend money transfer platform in 2012.
“This is 73% up from 2011. Based on our current daily transaction average we processed in excess of 2.5 million real time transactions in 2012,” says Absa’s Head of Retail Markets, Arrie Rautenbach who believes this marks the beginning of an exciting growth period ahead for the bank.
Rautenbach attributes the popularity of the bank’s CashSend service to its simplicity, cost effectiveness, convenience and security, revealing the most popular destination for CashSend transfers to be in rural areas, “with statistics showing some of the highest-activity ATMs in the Eastern Cape.”
“For many recipients, this is their first interaction with formal banking infrastructure like an ATM, an essential first step towards financial inclusion and we are proud that CashSend is a major vehicle to delivering a real opportunity to facilitate access to banking services on the move and in remote rural areas,” says Rautenbach.
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