Here’s a slice of good news for Standard Bank customers looking to get money to another part of the country quickly. Standard Bank has announced a partnership with PEP Group to make sending and receiving cash more accessible.
This means that you can now collect a Standard Bank Instant Money transfer at over 18 000 locations in South Africa including major retailers such as Boxer, Builders Warehouse, Checkers, Game, Cambridge Foods, Pick n Pay, Shoprite, and Spar.
As a reminder, you don’t need to be a Standard Bank customer to receive an Instant Money transfer, you just need a cellphone. When you receive an alert simply head to a Standard Bank ATM or one of the stores above and receive your money.
You will however need to be a Standard Bank customer to send an Instant Money transfer.
“Our Instant Money platform is a powerful way to widen access to the financial system as it allows cash to be transferred more efficiently, securely and economically than ever before. Whether in rural areas or city centres, money can be sent or received,” says head of card and payments at Standard Bank, Ethel Nyembe.
The partnership with PEP Group will increase the number of stores folks can receive funds at meaning they may not have to travel as far as they might’ve before. During a pandemic, this is really great news.
Interestingly, Nyembe says that customers are increasingly opting for solutions such as Instant Money transfers. They say that this is due in part to South Africans becoming more comfortable with digital banking solutions.
“We are bringing the cash-sending offering closer to even more of our customers. PEP, for example, has an expansive footprint in the country, which will ultimately enable more South Africans with or without formal banking services to be empowered with the ability to send and receive money,” adds Nyembe.
Standard Bank reports that citizens in KwaZulu-Natal, Eastern Cape and Gauteng receive the most Instant Money transfers.
“Innovation and access to financial services is crucial for Standard Bank and that is why we continue to expand our retailer footprint to offer our customers more options for using Instant Money,” concludes Nyembe.