Here’s good news for Standard Bank customers looking to get quick cash in another part of the country. 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 Instant Bank Transfer from 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 mobile phone. When you get an alert, just head to a Standard Bank ATM or one of the stores above and get your money.
However, you will need to be a Standard Bank customer to send an Instant Money transfer.
“Our Instant Money platform is a powerful way to expand access to the financial system, making it possible to transfer money more efficiently, securely and economically than ever before. Whether in rural areas or in city centers, money can be sent or received, ”explains Ethel Nyembe, Card and Payments Manager at Standard Bank.
Partnering with PEP Group will increase the number of stores where people can receive funds, meaning they may not have to travel as far as they once did. During a pandemic, this is really great news.
Interestingly, Nyembe says customers are increasingly opting for solutions like instant money transfers. They say this is in part because South Africans are increasingly comfortable with digital banking solutions.
“We are bringing the cash delivery offer closer to more of our customers. The PEP, for example, has a large footprint in the country, which will eventually allow more South Africans with or without formal banking services to be empowered to send and receive money, ”Nyembe adds.
Standard Bank reports that citizens of KwaZulu-Natal, Eastern Cape and Gauteng receive the most instant money transfers.
“Innovation and access to financial services are crucial for Standard Bank and that is why we continue to expand our retail presence to provide our customers with more options for using Instant Money,” concludes Nyembe.