FNB coming through for Zimbabweans

With most of the Zimbabwean population living in foreign land there has been problems in terms of getting money home. There was once the use of the omalayitsha. They were quiet useful because they were the only form of getting money home. People lost a lot of money to amalayitsha because they were squandering the money and most of the time it did not get to their rightful owners as they sometimes diverted it for personal use. FnB   

FNB has launched an affordable service for FNB customers in SA to send money to residents in Zimbabwe using its Cellphone Banking channel. FNB's Zimbabwe Money Transfer service is more convenient and economical than anything else offered in the market.

Recently, research data by the World Bank highlighted that 20% of money sent to Zimbabwe from South Africa is spent on getting it home. It is estimated that 1.9 million Zimbabweans live and work in South Africa sending around R6.7 billion annually to Zimbabwe.

The FNB Zimbabwe Money Transfer Service is based on a tiered pricing structure. Sending R1000 will only cost R45, which is 4.5% of the value of the remittance. Other savings include the absence of currency conversion rates for the sender and zero transaction fees for the recipient.

"We have done extensive research into the cross border remittance market and devised a service that is readily accessible to the people who need it most. People don't always have the time to travel to the bank during working hours, and often need to send money home instantly and easily," says van Wyk.

Recipients don't need to be preregistered but must be residents of Zimbabwe and hold a Zimbabwean identity document. Recipients can collect their money at OK Ltd stores in Harare and Bulawayo, FNB is currently rolling out to other outlets in Zimbabwe.

FNB Cellphone Banking allows senders to transfer South African Rand to Zimbabwe, instantly wherever they are. It is in line with the bank's strategy to increase service options on our various digital channels

In order to use the service, senders must have an FNB account and be registered for Cellphone Banking. Senders can send up to R1 500 a day, or R10 000 a month to Zimbabwe.

Tier	Fee
R100 - R1000	R 45.00
R1001 - R1500	R 70.00