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13 October 2005
Standard Bank and MoneyGram International, a leading international money transfer company, have formed a partnership which will enable thousands of South Africans to send or receive cash from anywhere in the world
As part of the deal, Standard Bank will offer cash-to-cash, person-to-person money transfers through its outlets in South Africa and other selected African countries where the bank operates. People who want to use this service do not have to be customers or have an account with the bank.
The product is primarily used by receivers who receive the money in the home country. Eighty percent of the money is used for basic household expenses. The secondary users are international economic migrants who send money back home to their families in Africa.
Research indicates that close to $200 billion's worth of remittances are transferred globally each year by economic migrants. Remittances from economic migrants exceed both foreign direct investment (FDI) and foreign aid into most African countries, contributing significantly to the GDP of the country. According to International Monetary Fund, in 2002 over $12 billion were transferred to Africa, of which $4 billion was sent to sub-Saharan Africa. South Africa, as a key receiver of economic migrants on the continent, is also a major remittance send country to other countries in Africa.
Says Sim Tshabalala, Standard Bank Retail Banking Deputy Managing Director: "The positive features of MoneyGram are its easy access, reliability, convenience and speed. Anyone can walk into our branch with cash and required documents, complete a transaction form to receive or send money, and their loved ones will have quick access to the money.
"At Standard Bank we are constantly trying to find ways and develop products and services that will make our customers' banking experience simpler, convenient and efficient. Part of our overall strategy is to use modern, leading-edge technology to benefit all our customers throughout Africa.
"This is another way our bank is trying to make financial services accessible to all. This exciting new venture extends our product portfolio while meeting a significant need in the market," says Tshabalala.
Standard Bank Group Limited has the largest presence in Africa of any South African or African bank with offices or subsidiaries in 16 countries.
MoneyGram International offers a fast, safe and easy way to send and receive money worldwide in as little as 10 minutes, subject to agent availability, hours of operation and local regulations. The company has more than 81 000 service points in over 170 countries throughout the world. To send or receive cash via MoneyGram, customers do not need a bank account, ATM card or credit card.
As the parties strive to ensure the compliance of the product/initiative with all regulatory requirements, including those of the Financial Intelligence Centre Act, 2001 ("FICA") and exchange controls, the customer will be required to complete forms indicating the details of the transaction , provide all necessary documentation required by such regulations and be fully identified before conducting the transaction.
MoneyGram's international cash transfer service is fast, safe and cost effective. For example, a sender in the USA would pay a fee of only R65 to send R3000 to South Africa.* The receiver does not pay a fee to receive the cash, only a competitive exchange rate to convert the dollars to rands.
Says Vicky Johnston, MoneyGram Regional Director for Africa and Middle East: "As more Africans move abroad or within Africa to seek work, more money is being sent home to a greater number of people across the continent. This partnership will make sending and receiving cash more convenient, given Standard Bank's strength and presence in key African countries. MoneyGram remains committed to Africa and to our mission to provide an affordable, reliable and convenient international money transfer service."
About MoneyGram International
MoneyGram International is a leading global payment services company whose mission is to provide consumers with affordable, reliable and convenient payment services, including money transfer service. MoneyGram has been in business since 1940, with its headquarters located in Minneapolis, Minnesota, USA. MoneyGram is listed on the New York Stock Exchange and is an S&P Mid Cap 400 company.
MoneyGram's international money transfer service allows consumers to safely send money around the world in as little as 10 minutes, subject to agent hours of operation and local regulations. The global network is comprised of more than 81 000 MoneyGram agent locations in over 170 countries around the world. MoneyGram's convenient and reliable network includes retailers, international post offices and financial institutions.
* Prices may vary and are subject to change. In addition to the transfer fee applicable to a transaction, a currency exchange rate set by MoneyGram or its agents will be applied.
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