Absa’s CashSend hits R1bn landmark
Banking group Absa (ASA) has announced that its money transfer service, CashSend, has processed over R1 billion in transaction values since it was launched in late 2008, on the back of a 154% year-on-year growth in 2011.
“We have seen phenomenal uptake and growth for CashSend,” said Absa’s head of retail markets, Arrie Rautenbach. “Our customers are making an average of 170,000 CashSend transactions every month. We have now seen 2.5 million transactions since we launched.”
CashSend enables Absa customers to send money from home, work, their cellphone, or an ATM, to any mobile number in South Africa.
Rautenbachsaid that usage of the service is escalating every month and new features are on the verge of being rolled out that will stimulate greater uptake.
Rautenbach added that based on the product’s successes to date, the plan in 2012 is to widen the reach for the service, allowing new groups of users to benefit from its convenience and to increase the ways in which CashSend serves both the underbanked and unbanked.
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