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Botswana bank launches instant money service

Botswana bank launches instant money service

Stanbic Bank Botswana (SBB) has joined other local banks introducing technology supported products to replace the brick and mortar banking methods.

This week, the bank introduced Instant Money, a cardless person-to-person money transfer product, which allows users to send electronic money vouchers that can be redeemed from the bank’s ATMs across the country.

According to the bank Instant Money can be bought by SSB account holders via virtual platforms.

“In today’s busy times, we understand that customers require quick, convenient and safe platforms for their banking needs.

“With Instant Money, therefore, one can buy and send Instant Money from their bank account via internet banking or cellphone banking with ease,” said Calistas Chijoro, Stanbic Bank Botswana head of customer channels.

In line with other electronic money vouchers, the Instant Money voucher, just needs the user to have a cellphone, a secret PIN and the voucher reference number.

Chijoro said the new product will also give the unbanked an opportunity to access banking knowledge and banking services.

“The aim is to work towards making use of Instant Money as, potentially, a major vehicle to delivering real opportunity to facilitate access to banking services in remote rural areas.

“For many recipients, this will be their first interaction with formal banking infrastructure such as an ATM, making this an essential first step towards financial inclusion,” Chijoro said.

Instant Money is available to all clients within Stanbic Bank Botswana across all banking platforms.

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