Stanbic Botswana launches Instant Money cash transfer

By John Churu, Gaborone, Botswana

With a strong drive towards ensuring greater convenience and better banking experience for customers, Stanbic Bank Botswana has launched a new service offering in the form ‘Instant Money.’ Instant Money is a cardless person-to-person money transfer product that allows banking users to send money to anyone, anywhere. 

The offering provides banking users with a new and cost-effective way to send and cash out electronic vouchers. Says Stanbic Bank Botswana Head of Customer Channels,  Calistas Chijoro, “In today’s busy times, we understand that customers require quick, convenient and safe platforms for their banking needs. With Instant Money, therefore, one can buy and send Instant Money from their bank account via Internet Banking or Cellphone Banking with ease.  In order to redeem the Instant Money Voucher, all one needs is a cellphone, the secret PIN and the voucher reference number.” 

“Amongst the many benefits of Instant Money is the fact that it offers banking users the ability to transfer money almost anywhere in Botswana without the recipient needing to have a bank account. One needs to only visit the nearest Stanbic Bank ATM to cash out their voucher.”

Be it for people who regularly send cash across the country to family members without bank accounts, parents sending cash to their children, or banked customers who send money to themselves. This is particularly given that many banking users don’t always carry their ATM cards with them; though typically always carry their cellphone,” added Chijoro.

“For many recipients, this will be their first interaction with formal banking infrastructure such as an ATM, making this an essential first step towards financial inclusion.

The aim is to work towards making use of Instant Money as, potentially, a major vehicle to delivering a real opportunity to facilitate access to banking services in remote rural areas. Through Instant Money, we strive to ensure greater access to banking knowledge and banking services, bring cash to the fingertips of Batswana and moving them forward.”

Instant Money is available to all clients within Stanbic Bank Botswana across all segments, these being Blue, Silver, Executive and Private.

Stanbic Bank Botswana is part of the Standard Bank Group, Africa’s largest bank by assets.

Standard Bank Group had total assets of R1 694 billion (about USD162 billion) at 31 December 2013, while its market capitalisation was R209.4 billion (about USD20 billion).

The group has direct, on-the-ground representation in 20 African countries. Standard Bank Group has almost 560 branches and 1 223 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.

Stanbic Bank Botswana provides the full spectrum of financial services. Its Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.

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