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Banking giant National Bank of Lesotho (Nedbank Lesotho) has officially launched a new cross-border remittance service called “Nedbank Zaca International Transfers”.
The grand launch took place at the Victory Hall in Maseru last week.
This mobile money solution facilitates remittances from South Africa to Lesotho, making it simple and convenient for users to send money regardless of whether they have a bank account or not.
Nedbank Managing Director Nkao Matet said at the launch that the solution aims to narrow the financial services gap between Lesotho and South Africa. He stressed that financial services are essential for the maintenance and growth of any economy, and said that part of Nedbank’s role is to ensure the democratization of financial services and provide options suitable for different groups of people.
“Part of our remit is to ensure that financial services are democratised and provide options that suit different groups of people. This is the key foundation on which some of our services, such as Nedbank MobiMoney, are based,” Mr Matete said.
He said Nedbank MobiMoney, which they are set to launch in late 2022, will continue to grow with the introduction of new products as they extend financial solutions to that segment of the population that has traditionally been considered unbanked.
“The Nedbank MobiMoney service is now expanding through a strategic partnership with Teeenaar, a Basotho-owned financial technology company. With minimal requirements met, more Basotho can now enjoy the convenience of receiving, sending and transacting using only their mobile phones.”
He stressed so much?exist?Basotho expatriates working across provinces in South Africa now have a convenient way to send money back home directly to beneficiaries’ mobile wallets in Lesotho.
To use the services, users must download the MyZaca app on their mobile phones and register for a Nedbank MobiMoney account. The new solution allows Basotho in South Africa to deposit money into a designated account at Nedbank ATMs or Pick ‘n Pay and Boxer stores. The deposited funds will reflect in the recipient’s MobiMoney account and can be withdrawn as cash at any Nedbank ATM in the country, he said.
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