Nedbank launches Send-iMali, a money transfer service

Nedbank launches Send-iMali, a money transfer service

South Africa’s Nedbank continues to seek innovative ways of banking by launching  ‘Send-iMali’, a money transfer service it said will make banking more accessible for all.

From now on, anyone who wants to send money can use this service even if that person does not have a Nedbank account.

‘Send-iMali’ is a cost-effective, safe and easy-to-use solution for sending money through a cellphone, the internet or the Nedbank App Suite to any valid South African cellphone anytime, anywhere, the Johannesburg-based bank said.

Nedbank said its clients can use Send-iMali through Nedbank’s digital channels, including internet and cellphone banking and the Nedbank App Suite.

The recipient will receive an SMS on his or her cellphone with a prompt to dial *120*001# to generate a unique PIN that can be used at any Nedbank ATM for the purpose of accessing the money, even without a bank card.

iMali does not need a bank account, bank card, identity document or proof of residence. All that is required is a South African cellphone number.

Finscope said in its 2013 survey that the number of banked adults in South Africa increased by 8% last year to about three-quarters of the adult population.

‘We are pleased to bring Send-iMali to market as another of our client-centred innovations. The Finscope survey also revealed that digital innovations have aided financial inclusion,” Anton de Wet, Nedbank’s Client Engagement managing executive said in a statement.

If the country wanted to achieve financial inclusion, our focus has to be on accessibility and digital innovation,” de Wet pointed out.

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