Absa announced that its money transfer service, CashSend, has processed over R1 billion in transaction values since it was launched, on the back of a 154% year-on-year growth in 2011.
“We have seennphenomenal uptake and growth for CashSend,” says Absa’s Head of RetailnMarkets,Arrie Rautenbach. “Our customers are making an average of 170 000nCashSend transactions every month. We have now seen 2.5 million transactionsnsince we launched.”
CashSendnallows Absa customers to send money from the comfort of their home, work,ncellphone, or an ATM, to any cellphone number in South Africa. With no need tongo to a shop or a bank branch to make the transaction, money can be sent at anyntime of the day or night. There is no need for the receiver to have a banknaccount. All that the receiving person needs are the security pin codes thatnthey will receive via their cellphones.
“Banking the unbankednremains an important focus area for Absa,” says Rautenbach. “CashSend isnalready reaching the unbanked population. And as consumers observe the benefitsnof accessing banking services on the move, CashSend continues to enable them tonbecome more familiar in their interactions with banking infrastructure. This isnan important step on one’s journey from being ‘unbanked’ to becoming ‘banked’.”
“CashSendnis now at an exciting ‘tipping point’ where customer awareness levels arenbeginning to reach a critical mass. Usage of the service is escalating everynmonth and new features are on the verge of being rolled out that will stimulateneven greater uptake,” he says.
Rautenbach addsnthat based on the product’s successes to date, the plan in 2012 is to widen thenreach for the service, allowing new groups of users to benefit from itsnconvenience and to increase the ways in which CashSend serves both thenunderbanked and unbanked.
Absancustomer Nolwando Mafhibini, from Westonaria, regularly uses CashSend to sendnmoney to friends and family, so that they can buy much needed items for schoolnand home.
AlwynnHollenbach, from Kimberley, uses CashSend to transfer money to his wife andnchildren. He says that making CashSend payments is “convenient, and quick.”
“Nolwandonand Alwyn’s are just two of the thousands of stories from our customers usingnCashSend to make their lives easier; and two examples of why transactionnvolumes grew 154% between 2010 and 2011,” he says.
Absa expects the strong adoption rate toncontinue growing rapidly. “From observing usage numbers and with plans underwaynto enhance and widen the reach of CashSend’s service, 2012 will be the year innwhich CashSend develops serious traction in the market,”nconcludes Rautenbach.
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