FNB launches cross-border mobile payment

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
FNB launches cross-border mobile payment

South Africa’s First National Bank has launched cross border payments to Swaziland and Lesotho via a cellphone using its Pay2Cell service.

Pay2Cell, which launched in September 2011, enables FNB Cellphone Banking customers to make payments directly into other FNB accounts using only the recipient's cellphone number. No bank account details are necessary.

Ravesh Ramlakan, CEO of FNB Cellphone Banking, says: "Electronic channels are changing the way customers transact. In order to meet our customers lifestyle needs for simple, 24/7 on the go, and safe banking we continuously provide innovative solutions.

Traditionally making payments to other African countries has been limited to internet banking for senders or making a deposit or withdrawal through a branch or via an international money transfer company. We needed to have a simpler solution for our customers."

"Offering cross border payments from a cellphone allows our customers to send and receive money instantly. In addition to this, the use of only the recipient's cellphone number makes the payment process extremely simple for our customers.

Pay2Cell is a confirmation of how we are constantly innovating to the benefit of our customers," says Dione Sankar, COO of FNB Cellphone Banking.

With the launch of Pay2Cell cross border payments, the service will benefit South African FNB customers as well as customers in Swaziland and in Lesotho. In South Africa, Pay2Cell has seen in excess of 400% growth of transaction values since inception.

To access Pay2Cell, registered Cellphone Banking customers can either go to FNB.Mobi site or dial *120*321#, select the banking option and opt for Pay2Cell from the list. Thereafter an option to transfer funds from South Africa to Swaziland or Lesotho may be chosen. All that is then required to complete the transaction is the recipient's cellphone number and the value to be paid. The maximum transaction value is R1500 per day.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

eTranzact invests $350k in Nigerian mobile money activation project

eTranzact has made an investment of US$350,000 into a mobile money activation project in northern and southwestern Nigeria in collaboration with financial sector development organisation EFInA. Read More

Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.  Read More

Airtel Uganda money transfer voted best digital financial service

Airtel Uganda was voted the Best Digital Financial Service of the year at the Digital Impact Awards Africa held at the Sheraton Kampala Hotel.  Read More

DRC civil servants hail mobile banking, ICTs

Civil servants in the Democratic Republic of Congo (DRC) have described mobile banking as the ‘biggest miracle’ of the 21st century. Read More

Streamed services to push digital music sales to $14bn by 2019

A new report from Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, from $12.3bn this year to $13.9bn in 2019.  Read More

Airtel, Tigo launch cross-network money transfer service in Tanzania

Bharti Airtel has announced the introduction of a service that will allow customers send and receive between Airtel’s mobile money service and that of Tigo in Tanzania. Read More

Airtel, VeriFone Mobile Money speed up merchant enablement

Bharti Airtel and VeriFone Mobile Money have reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across Airtel’s 17 operating countries in Africa.  Read More

Safaricom cuts fees on low and medium value M-PESA transfers

Safaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands.   Read More

Stakeholders meet over Ghana mobile money

Stakeholders from Ghana’s financial and telecoms industry have held talks at an MTN Stakeholders Forum in Accra to discuss the way forward in the quest to make Ghana a cashless society. Read More

Village saving associations get mobile money product

Airtel Uganda, Grameen Foundation and Plan Uganda have introduced a new Group Savings product for Village Savings and Loan Associations. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Safaricom-Equity battle for mobile banking hots up Safaricom-Equity battle for mobile banking hots up

Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit. 

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.