With four different money transfer offerings available this festive season, the Shoprite Group has cemented its positioning as “the ultimate destination for money transfers in Africa”.
In response to rising consumer financial stress and migration trends in South Africa and across Africa, says the Group, it is offering account-to-account, counter-to-counter and cross-border payment options.
“For most of our customers, the biggest challenges are cost, convenience and trust,” says Jean Olivier, general manager of financial services at the Shoprite Group. “Sending money, whether to family in another town or across a border, is often expensive, complicated and risky.
“Many people also don’t have traditional bank accounts, which makes sending and receiving funds even harder. This is why we have tailored a variety of money transfer solutions to meet different customer needs.”
Shoprite’s award-winning account-to-account payment solution
Shoprite’s Money Market services make digital account-to-account and app-to-app money transfers safe, instant and affordable, “allowing customers to send money to where it’s needed most without the usual barriers,” says Olivier.
Customers with Money Market Accounts can do free, instant transfers to other account holders via the app, WhatsApp, the Money Market website or USSD any time of day. The service was designed for digital inclusion – allowing customers to move money instantly without visiting a store or needing to have a traditional bank account.
More than four million Shoprite customers now have Money Market Accounts, with a large percentage of them using it for person-to-person transfers each month.
Two ways to send money across borders
Shoprite has two cross-border payment options. One is specifically for transfers to Lesotho and eSwatini, while the ‘Shoprite Send’ solution is for international transfers to more than 70 countries.
The Lesotho/eSwatini service allows customers to send and receive money between South Africa, Lesotho and eSwatini at Shoprite, Checkers or Usave stores. It is a cash-based system, with payouts in local currencies at stores. Customers are charged flat, affordable fees for frequent regional remittances.
“Customers have responded positively to the affordability and speed of the service. These corridors are used heavily by workers sending money home and our solution offers one of the lowest cost structures in the market.”
‘Shoprite Send’, in turn, is the Shoprite Group’s global remittance offering. Customers can send money from South Africa to 70 countries. Shoprite Send customers can choose to send from a store or directly from WhatsApp and USSD with the ability to pay in-store, online or via the Money Market Account.
Recipients can collect at more than 45,000 cash collection points in Africa alone. This remittance service is up to 50% cheaper than competitors in key corridors.
“Shoprite Send was designed to provide remittances with ease and trust,” says Olivier.
Counter-to-counter money transfers
The fourth money transfer option Shoprite offers is its counter-to-counter ‘Money Transfers’ service in South Africa. The service ranks among the best-known and lowest-cost local transfer services in South Africa, and more than 2 800 stores across Southern Africa now serve as send and receive points.
Recipients collect at any till point in Shoprite, Checkers, Checkers LiquorShop, Shoprite LiquorShop or Usave stores across South Africa, with a reference and PIN number.
“Our nationwide store network means we are often the only big retailer with payout points in small, remote communities, where people often depend on money sent by family who live far away,” says Olivier.