Our InstantMoney payment solution has made its way to Botswana and Uganda with many other African countries to follow soon. The InstantMoney service allows Standard Bank customers to send cash via our electronic channels to a recipient by using an access code from a text-message voucher system. InstantMoney is doing very well in South Africa, processing more than R6.5 billion in transfers within the country alone.
The great thing about InstantMoney is that the recipient doesn’t need to be a Standard bank customer and the cash can be withdrawn immediately at a Standard Bank ATM using the pin sent to them by the sender.
InstantMoney is our solution to a card-less form of cash withdrawal. You can send money to yourself, a friend or family member in a convenient and easy way. This solution reduces the amount of fraud or theft that comes with having to send money via third parties just because the recipient doesn’t have a bank account.
This technology makes perfect sense because sub-Saharan Africa’s mobile penetration rate is 70% and this represents a massive market that need easy-to-use but safe mobile solutions to banking, 24 hours a day. The InstantMoney service will roll out to Namibia by the end of the year with more countries in the bank’s network lined up for 2016.
The service would usually be used between two people but it has the potential to be used as a salary payment mechanism for small to medium sized businesses to make payments to employees or suppliers operating on the African continent.