South Africa-based Standard Bank has expanded its InstantMoney payment solution to Botswana and Uganda as part of its strategy to launch the service across the continent.
The solution enables Standard Bank customers to transfer cash through any of the bank’s electronic channels to recipients, via an access code received by a text message-based voucher.
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Using InstantMoney, which has processed over ZAR6.5bn in transfers in South Africa, customers can instantly withdraw funds at any Standard Bank ATM by simply keying in the access code and PIN once sent by the sender.
The service will charge a transaction fee of ZAR10 to the sender. Payments using the InstantMoney service will be limited to ZAR5000.
Additionally, the bank is planning to launch the service in Namibia by end of 2015.
Standard Bank head of payments, personal and business banking Africa Brad Gillis said: "InstantMoney is essentially a card-less form of cash withdrawal that allows our customers to send money to themselves, friends, staff or relatives in a convenient and accessible manner."
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By GlobalData"It could provide corporate clients with a safe way to manage their cash as well as salary payments to employees. That makes it a particularly attractive solution for small businesses that may need to make cash payments to employees or suppliers in countries such as Botswana or Namibia where distances can be vast."
Gillis added that the service can also be used as a salary payment mechanism for small to medium sized in the African continent.
