Stanbic Bank launches instant money transfer solution


Stanbic Bank Zambia Limited has launched Instant Money (IM), a money transfer solution, to enhance seamless person-to-person payments direct to any mobile number.

The bank Head of Digital and E-commerce Mwila Chibela said this would be done at a flat rate transaction.

Chibela said in a statement on Monday that the money transfer product had new features that allow customers the ability to move funds from the  bank’s accounts to any mobile number anywhere in the country.

Chibela said the service was now active and available to assist account holders to make payments and send money to recipients, who may easily access their funds at any branded bank ATM countrywide.

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“Instant Money is a bank money transfer product, available on Mobile and Internet Banking,” he said.

Chibela said the sender would need to have a an account with the bank to make payment or send money, while the recipient does not need to have an account as all they would need was an active mobile phone number.

According to Chibela, there was no need for a card, and all they would do was press the ‘Instant Money’ button on the branded bank ATM and follow the prompt.

He said the newly-launched instant money product had been returned back to the market with enhanced security features, among others.

“Instant Money was unavailable for a few months, but is now available for customers to access, and is still cost effective, convenient and easy to use, and the recipient withdraws the funds free of charge,” he said.

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