Stanbic Bank Botswana on Monday announced the launch of ‘Instant Money’, a cardless person-to-person money transfer product that allows banking users to send funds to anyone, anywhere.
This service, which is targeted at individuals without bank accounts, joins the likes of FNB, Barclays, cellphone giants Orange, Mascom that in recent times introduced their various versions of cell-phone banking with great success.
In a statement released this week, Stanbic noted that the latest product reflects their strong drive towards ensuring greater convenience and better banking experience for customers. Stanbic Bank Botswana head of customer channels, Calistas Chijoro explained that their aim was to work towards making use of Instant Money as a major vehicle to delivering opportunities 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,” he said.
Chijoro also noted that bank understood that nowadays customers require quick, convenient and safe platforms for their banking needs. “With Instant Money, one can buy and send Instant Money from their bank account via Internet Banking or Cellphone Banking with ease,” he said. He also said that for many recipients, this would be their first interaction with formal banking such as an ATM, making it an essential first step towards financial inclusion.
According to Chijoro, amongst the many benefits of Instant Money is that it would offer the service users the ability to transfer money almost anywhere in Botswana, without the recipient needing to have a bank account. “This will make things easier especially since many banking users do not always carry ATM cards with them, but typically always carry their cellphones,” he added.