Global money transfer conglomerate MoneyGram and First National Bank (FNB) in South Africa have spun off their first mobile money transfer service in the country.
The new service will provide FNB account holders an alternative to send and receive international payments using their mobile devices.
Capabilities include an advanced data encryption system to protect account holder information, users can transact fund from a mobile device, which will available for collection within 10 minutes, subject to an agent’s hours of operation and local laws and regulations.
MoneyGram Africa and Europe executive vice president Carl Scheible said that the new service will allow its customers to remit payment through mobile phones even to other parts of the world.
Last year, MoneyGram added First National Bank to its agent network and the recent initiative will further boost its presence in mobile money market in the country.
Now, its customers have an additional nearly 1,000 MoneyGram money transfer locations across South Africa.
South Africa is the third largest recipient of African migrants in the world, estimated at 1.8 million people and almost 900,000 South Africans living abroad send money back to their families, according to the World Bank report.
With 310,000 global money transfer agent locations in 197 nations and territories, MoneyGram International delivers global money transfers, money orders and payment processing systems for financial institutions and retail customers.