Kabelo Makeke, Head, Consumer and High Net Worth Clients, SA says: “The disruptions caused recently in KwaZulu-Natal and Gauteng has made it harder for vulnerable and dependent members of our society to have access to their grant payments.”
This is largely due to vandalised banking infrastructure and disrupted transport routes that have been damaged or are not available. In conjunction with other banks and SASSA, mobile ATM units have been deployed to provide services closer to where the immediate needs of communities are.
To further ease the potential access burden, Standard Bank permanently removed Saswitch fees for all its customers. Standard Bank customers can withdraw cash from any ATM for a more affordable flat fee of R10 per R1 000 drawn value.
“We believe that this is a longer-term solution to cater for the needs of our society, as well as make it more convenient for our clients to access financial services,” says Makeke.
Standard Bank’s Instant Money cash transfer product has more than tripled its access points in nine months. Instant Money is now available at approximately 50 000 access points in South Africa. In November last year, the bank had 15 000 access points.
Instant Money is a money transfer product that allows consumers who do not have a bank account to send and receive cash. Funds can be transferred using internet banking, ATMs, the banking app and cellphone banking. The service is also available at various retail partners. Customers are urged to consider this transaction option as a safe and convenient way to send and receive funds.
