MoneyGram & First National Bank launch mobile money transfer service in South Africa

Moneygram

Launching mobile service

MoneyGram and First National Bank (FNB), one of the largest banks in South Africa, have launched their first mobile money transfer service in Africa, giving FNB account holders throughout South Africa provinces the convenient option for sending and receiving international money transfers using their mobile devices.

The service features an advanced data encryption system that protects account holder information. Transactions sent from a mobile device are available for collection within 10 minutes, subject to an agent’s hours of operation and local laws and regulations.

Carl Scheible, MoneyGram executive vice president for Africa and Europe said, “We believe that with an array of alternative channels in hand, we will cater to the specific needs of a discerning and burgeoning market. Our mobile offering with FNB is yet another option for customers in South Africa to send and receive money.”

The relationship solidifies MoneyGram’s growing position in South Africa and makes it one of the largest money transfer companies in the region. Adding FNB to its agent network means customers have an additional nearly 1,000 MoneyGram money transfer locations across South Africa from which to send and receive money.

According to the World Bank, South Africa is the third largest recipient of African migrants in the world, estimated at 1.8 million people. Close to 900,000 South Africans living abroad send money back to their families. Almost 50% of all remittance users remit funds once a month.

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