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.“
The Challenge
Customers withdrawing large amounts of cash for distribution to workers and family members
Wanted to enable customers to send money to unbanked recipients and promote services to potential new customers
The Solution
Developed CashSend with ACI Worldwide, a person-to-person payments solution
Enables senders to initiate payments from their mobile phone, online or from an ATM
Allows recipients to withdraw cash from any Absa ATM using their mobile phone
The Results
Created a safe way to transmit funds across South Africa
Provided a greater level of convenience for Absa customers
