MoneyGram, FNB launch first mobile money transfer service in Africa

FNB account holders in South Africa are now able to send and receive international money transfers using their cellphones, it has been announced.

In a statement MoneyGram said 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, it said.

"Less than a year into our relationship with FNB, we have extended our product services to offer a mobile service in Africa," said Carl Scheible, MoneyGram executive vice president for Africa and Europe. "This additionally supports our vision of driving convenience and accessibility for our customers. We are committed to using mobile technology that complements and augments our traditional agent locations, both in South Africa and other parts of the world. 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."

"Our relationship with MoneyGram has enhanced the customer experience by making it easier and more affordable for FNB customers in both customer facing and electronic channels to send money abroad," said Jacques Celliers, chief executive officer of business banking at FNB.

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 percent of all remittance users remit funds once a month.

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