South African based Standard Bank and Stanbic Zimbabwe are to offer person-to-person money transfers in real time from South Africa to Zimbabwe at a cost of ZAR50 ($5.6) per transaction.
Zimbabwean residents will be able to receive money at any OK Zimbabwe supermarket. The recipient in Zimbabwe will not need to have a bank account to receive their money.
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The service is currently only available online to Standard Bank’s internet banking customers but Standard Bank plan to make it available to their Access Point network in future.
Money transfers to Zimbabwe are not often used due to delays in the recipient receiving the funds, additional fees payable by the recipient as well as a scarcity of accessible cash-out points.
Ngoni Simelane, head of technology and innovation beyond payments division at Standard Bank said: "There is huge potential for a successful and widespread uptake of the Instant Money International service, with five million Zimbabweans living and working in South Africa, and having family based in their home country."
Standard Bank is planning to expand its money transfer service to other Southern African countries.
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By GlobalData
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