Standard Bank initiates cash transfers to Zimbabwe
Standard Bank and Stanbic Zimbabwe have teamed up with OK Zimbabwe to offer person-to-person money transfers in real time from South Africa to Zimbabwe.
The service enables people residing in South Africa to send money instantly to that country via Standard Bank’s Instant Money International transfer system.
Zimbabwean residents can receive and collect their money at any of OK Zimbabwe’s 55 stores nationwide. The recipient in Zimbabwe does not require a bank account to receive their money.
The service is currently available online to Standard Bank’s Internet Banking customers; but will be expanded to Standard Bank’s more accessible Access Point network in future, it said.
Instant Money International will cost R50 per transaction, 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,” said Standard Bank.
The group noted that it is working to expand Instant Money International to other Southern African countries and will be making announcements in this regard in the not too distant future.
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