Standard Bank’s Instant Money cash transfer product has more than tripled its access points in nine months. The bank recently announced that the service is now available at approximately 50 000 access points in South Africa. In November last year the bank had 15 000 access points.
Instant Money is a money transfer product that allows consumers who do not have a bank account to send and receive cash. Funds can be transferred using internet banking, ATMs, the banking app and cellphone banking. The service is also available at various retail partners.
With Instant Money, a limit of R 5000 per day can be sent from PEP, Spar, Cambridge Food, Game, Makro, Builders Warehouse and Rhino stores. Withdrawals can be made from the same stores as well as at Kazang outlets, select OTT partner stores, Pick n Pay, Boxer, Shoprite, USave, Checkers, OK Furniture and House & Home nationwide.
The recent boost in access points was due to the inclusion of Kazang, a prepaid value-added services (VAS) and micro-payments company that offers shopkeepers the opportunity to increase their revenue by selling prepaid vouchers for a variety of services, including airtime and electricity, lotto tickets, more than 120 bill payments and Instant Money voucher redemptions. The recent partnership with Kazang, which is part of the Connect group of companies, has increased Standard Bank’s instant money access point by approximately 31 000.
“Innovation and access to financial services is crucial for Standard Bank, and that is why we continue to expand our retail footprint to offer our customers more options for using Instant Money,” says Nelisa Zulu, Head of Card and Payments at Standard Bank South Africa.
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