MoneyGram has partnered with South Africa’s First National Bank (FNB) to launch international mobile money transfer service in South Africa, allowing FNB customers to send or receive international money transfers via their mobile phones in a record ten minutes.
According to Carl Scheible, MoneyGram executive vice president for Africa and Europe, “In less than a year into our relationship with FNB, we have extended our product services to offer a mobile service in Africa.”
MoneyGram last year partnered with First National Bank to bolster its local presence by increasing MoneyGram’s agent network in the country. The firm said adding FNB to its agent network gave customers an additional 1,000 MoneyGram money transfer locations across the country, making it convenient to send and receive money.
The expansion is beneficial to South Africa as according to World Bank statistics, it is the third largest recipient of African migrants in the world, some 1.8 million people and around 900,000 South Africans working abroad send money back home once a month, this service is therefore set to change lives of many locals and make it convenient for the diaspora to send money back home.