In a bid to ease money transfer from other countries, Standard Bank Plc. has entered into a partnership with South African-based remittance company, Hello Paisa, to use its Bureau De Change branches in the country as collection points for money sent from South Africa, United Kingdom, United Arab Emirates and Bahrain.
Making an announcement of the partnership, Standard Bank PLC Bureau De Change Head, Alinafe Khembo said it is the bank’s vision to add value to livelihoods in the country through reliable and secure cash transfers and financial solutions.
According to Khembo, the partnership will help Malawians staying abroad send money to the families back home with ease.
“This partnership aims at easing the process for Malawians when sending money to their families back home. Our physical presence and digital capabilities as a bank allow us to play a valuable role in transforming lives. Remember, our purpose is to drive the growth of our home, Malawi and this partnership allows us to cement that commitment,” she said.
In his words, Hello Paisa Malawi Operations Manager Mohamed Ebrahim Dhoda said the partnership will create more consumer-driven financial solutions to Malawians.
Dhoda further said they are honored with the partnership and assured Malawians that the new service will be trusted as both financial institutions share same goals of service excellence via technology driven solutions.
“Hello Paisa is honored to be partnered with Standard Bank in our goal to help Malawians in South Africa send money quickly, safely and legally to their families back home. This partnership is another step forward in the seamless remittance of funds for those that need it the most,” Dhoda said.
To claim their money, customers are advised to produce a valid ID and the reference number from the sender.
Sending money from abroad has over the past years become a norm as many Malawians residing in countries such as South Africa, United Kingdom, Arab Emirates have embraced the technology when sending money to their families back home.
In 2019, Reserve Bank of Malawi estimated that remittances into Malawi were valued at K89 billion (approximately U$118 million) only to take a substantial blow last year due to effects of Covid-19 pandemic.