At the end of each month, hundreds of thousands of South Africans withdraw large amounts of cash from their bank accounts to distribute it to family members and workers. Absa, South Africa’s largest bank, noticed this trend and engaged ACI to find a secure, convenient way to help the 37% of South Africans without banking relationships transfer money without incurring the dangers inherent to moving large amounts of cash.
Now, with CashSend in place, anyone in Absa clients can use their mobile phones to send money safely to others, even when those recipients don’t have a bank account.
Unbanked South Africans are using CashSend to create 120,000 transactions per month with a total value of R 1B and a 12–15% growth rate.
Serving the Unbanked in South Africa
At the end of each month, many of Absa’s customers would withdraw large amounts of cash for distribution to workers and family members, often by taxi or courier. Absa wanted a new service that would enable its customers to send money to unbanked recipients and promote its services to potential new customers.
CashSend Brings Convenience to a Country
Working with ACI Worldwide, Absa developed CashSend, a person-to-person payments solution that enables senders to initiate payments from their mobile phone, online banking or from an ATM, and allows recipients to withdraw cash from any Absa ATM using their mobile phone instead of a bank card.
Absa Moves an Entire Country Forward
CashSend has created a safe way to transmit funds across South Africa, and provided a greater level of convenience for Absa customers by enabling transactions to be initiated from either its online banking service, its ATMs or a customer’s own mobile phone. It has also expanded Absa’s customer reach: the bank has seen an uptake in unbanked individuals wishing to establish a relationship with the bank, as well as an increase in customers switching from rival banks.