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South African financial services provider FNB in partnership with MoneyGram has launched a feature that allows users to complete their MoneyGram transfer transactions on the FNB app.
FNB users will be able to transfer and receive money across borders with MoneyGram via the app
Anthony Grant, CEO of Foreign Exchange at FNB comments on the launch of the new feature on the app.
“Now that MoneyGram is available on the FNB App, sending money across borders to family and friends is quick, easy, and hassle-free. What’s more exciting is that when sending money abroad, the sender has the option to send the MoneyGram to a bank account or even a mobile money wallet in addition to the original method of sending money via the comprehensive MoneyGram agent networks in over 200 countries of the world.”
Previously to perform a remittance transaction customers would need to visit a branch to load a beneficiary and send funds. It was essentially only available via Cellphone banking, ATM, or in a branch.
With the introduction of MoneyGram on the FNB app, clients will now be able to facilitate end-to-end money transfers all on the app.
Jacques Celliers, FNB CEO comments on the use of advanced technology adopted to create an app that is able to go above providing basic financial services to clients.
“Our significant investment into integrating advanced technology into our platform-based business has allowed us to transform the Foreign Exchange market and the experience of all our individual and business clients in recent years, effectively empowering those clients to meet their currency needs, optimise their personal or business cashflows, and mitigate their risks, anywhere in the world.”
Clients are able to transfer a maximum of R25 000 per transaction and a maximum of R50 000 per month.
Grant adds that their data has revealed that most users conduct fund transfers to and from Zimbabwe and Ghana.
“Our data shows that a large percentage of FNB-initiated remittance payments are sent to Zimbabwe and Ghana. Irrespective of where you would like to send money, whether you’re a worker who needs to send money to your family in your home country or whether you would like to send a money gift to a friend abroad, this service enables clients to do so quickly and without hassle on the FNB App in just a few minutes.”
FNB has ensured that all transactions are conducted safely and plans to launch an additional feature that enables clients to cancel or amend transactions and view their transaction history all on the FNB app.
“As a business, we believe that leveraging and integrating MoneyGram into our platform has allowed us to transform not only the remittance landscape but more importantly, the experience of all our customers. We remain committed to providing our customers with a convenient and secure platform to send and receive money from anywhere in the world,” concludes Grant.
Featured image: FNB, Facebook