BancABC launches cross-border money transfer service

24 Nov, 2021 - 00:11 0 Views
BancABC launches cross-border money transfer service BancABC chief executive Lance Mambondiani (left), Mama Money chief growth officer Leanne Lancaster (centre) and TM Pick ‘n Pay Zimbabwe managing director Malcom Mycroft pose for a photo after launching the money remittance partnership yesterday

The Herald

Business Reporter

BancABC Zimbabwe, the local banking subsidiary of Pan African group, Atlas Mara, has partnered Mama Money to launch Border Hopper, an international remittance service that allows Zimbabweans abroad to send money home.

The bank’s chief executive, Dr Lance Mambondiani said Border Hopper was an extension of the bank’s domestic remittance City Hopper facility, which was launched last year.

“Just over a year ago we launched City Hopper, our domestic remittance service that has proven to be quite popular with our clients. Today, we are excited to extend this service across borders,” he said at the product launch event yesterday. According to Dr Mambondiani, Border-to-Border remittance service was launched with South Africa to Zimbabwe transfers as the first corridor with plans to extend the service to other countries in the region.

He said the remittance service leverages on the bank’s agency relationship with Pick n Pay and will allow Zimbabweans to send money through any Mama Money agent in South Africa, including Pick n Pay stores, to their loved ones in Zimbabwe through.

“The funds can be collected at any one of over 40 BancABC kiosks in TM Pick n Pay stores across the country.”

Dr Mambondiani said the bank was grateful to the hard-working Zimbabweans across the world that support their families and contribute to the development of the economy in difficult times.

“We have seen the spike in remittance values and volumes under the hardships of the Covid-19 pandemic and we wanted to provide a fast, convenient and simple solution to allow our diaspora customers to do their transfers.

“What better way to do that than bringing the service to your backyard through Pick n Pay’s nationwide network,” he said.

Leanne Lancaster, Mama Money’s chief growth officer, said the money transfer agent operates in 54 markets and looks forward to expanding its partnership into multiple countries.

“The partnership will create additional stakeholder value ensuring all organisations gain through the cross-functional opportunities,” she said.

Mr Malcom Mycroft, TM Pick n Pay Zimbabwe managing director, said BancABC was the right partner that is proactive to bringing value to the business by new innovations.

The Border Hopper service is available to all Zimbabweans and recipients can collect funds at any BancABC kiosk in TM Pick n Pay stores nationwide after presenting their reference number and a copy of their national I.D.

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