Standard Bank deal with Spar will allow people to draw cash at a till after money transferred between users via SMS (Linked to mowaly).
Link to external site : Website for Standar Bank Instant Money South Africa
|Potential Mobile Market (m)|
|Cash I/O Description|
|Cash I/O No Of Locations|
|Segment Description||It is estimated that some 35-million South Africans have a cell phone, while only 11-million have a bank account. Financial services are largely limited to urban areas at the moment, mainly because of the expense of rolling out banks and services in less affluent areas. What this means is that most people in rural areas operate on a cash basis. Like many developing countries, South Africa has countless breadwinners who live and work in urban economic hubs, but have extended families back home in poorer rural areas. There is a high demand for smart banking services that will make sending money back home simpler and less costly.|