Stanbic Bank Botswana has launched a new service offering in the form ‘Instant Money’–a cardless person-to-person money transfer product that allows banking users to send money to anyone, anywhere.
According to the bank, the offering provides banking users with a new and cost-effective way to send and cash out electronic vouchers. Stanbic’s Head of Customer Channels, Calistas Chijoro, said in modern busy times, as a bank they understand that customers require quick, convenient and safe platforms for their banking needs.
“With Instant Money, therefore, one can buy and send Instant Money from their bank account via Internet Banking or Cellphone Banking with ease. In order to redeem the Instant Money Voucher, all one needs is a cellphone, the secret PIN and the voucher reference number.”
The bank said amongst the many benefits of Instant Money is the fact that it offers banking users the ability to transfer money almost anywhere in Botswana without the recipient needing to have a bank account.
One needs to only visit the nearest Stanbic Bank ATM to cash out their voucher; be it for people who regularly send cash across the country to family members without bank accounts, parents sending cash to their children, or banked customers who send money to themselves.
“This is particularly given that many banking users don’t always carry their ATM cards with them, though typically always carry their cellphone,” the bank said.
“For many recipients, this will be their first interaction with formal banking infrastructure such as an ATM, making this an essential first step towards financial inclusion. The aim is to work towards making use of Instant Money as, potentially, a major vehicle to delivering a real opportunity to facilitate access to banking services in remote rural areas.Through Instant Money, we strive to ensure greater access to banking knowledge and banking services, bring cash to the fingertips of Batswana and moving them forward,” added Chijoro.
Instant Money is available to all clients within Stanbic Bank Botswana across all segments, these being Blue, Silver, Executive and Private.