South Africa’s Standard Bank has partnered with retail store OK Zimbabwe Limited to unveil money transfer programme Instant Money International, which will enable South African customers to send money to Zimbabwe.
The transaction will cost R50 (US$5.7) and will be the quickest and most effective way to send money to Zimbabwe.
“This means people residing in South Africa can send money instantly to that country via Standard Bank’s secure, cost-effective, uncomplicated and easily accessible Instant Money International transfer system,” the bank said in a statement.
OK Zimbabwe Limited has over 55 stores strewn across the country. The recipient in Zimbabwe does not need to have a bank account to receive their money, the company clarified.
This will change the market for money transfer in Zimbabwe given the scarce means of money transfer, with the few that exist quite expensive. The country has seen delays in money transfers as well as the unavailability of accessible cash-out points. The new product will aim to solve these problems.
The country currently has big players in the market such as Western Union and MoneyGram, though their cash-out points are bit restrictive in terms of accessibility.
“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,” Ngoni Simelane, head of technology and innovation, beyond payments division, Standard Bank South Africa said.
The company has promised to spread the service to other South African countries and will be making a statement in that regard soon.