MoneyGram and First National Bank have launched their first mobile money transfer service in Africa, enabling FNB account holders to send and receive international transfers via mobile devices.
Transactions sent from a mobile device are available for collection within 10 minutes, subject to an agent’s hours of operation and local laws and regulations.
“We believe that with an array of alternative channels in hand, we will cater to the specific needs of a discerning and burgeoning market,” said Carl Scheible, executive vice president for Africa and Europe at MoneyGram, in a release.
MoneyGram and First National Bank are trying to tap a fast-growing market for mobile money in developing countries. Standard Bank, FNB’s local rival in South Africa, is expanding its use of mobile money. Visa and MasterCard are also expanding their mobile money programs.