FNB announces the launch of its Moneygram services
First National Bank (FNB) has announced the launch of its MoneyGram International Money Transfer Services. The MoneyGram service is available across FNB’s branch network with several electronic channels following in coming months.
Says CEO of Business Banking, Jacques Celliers
“FNB will continue to assist its customers by offering them products and services that are convenient and innovative. Our customers may now perform money transfer services at FNB outlets. Whilst we are certainly not the first bank to offer remittances such as MoneyGram, we do believe that we have enhanced the customer experience to making it quick, easier and more affordable for FNB customers in both customer facing and electronic channels.”
South Africa is the 3rd largest recipient of African migrants in the world, estimated at 1,86m individuals. Close to 900 000 South Africans have also left their country of birth and then send money back to their families. Almost 50% of all remittance users remit funds once a month. MoneyGram is a well-established, safe and fast way to send and receive money worldwide,” says Celliers.
The 10-minute MoneyGram service is also offered at affordable rates. For example, sending an average of R2000 to Zimbabwe would today cost the sender approximately R162 and a max of 2% on the rates; the receiver doesn’t pay anything
“MoneyGram International is excited to officially launch the FNB MoneyGram service. This will afford MoneyGram customers in South Africa an opportunity to either send or receive their remittances through all FNB locations, giving them increased convenience of a large Agent network,” says Guillaume Dewael, MoneyGram VP for France-Africa-Benelux-Switzerland.
