Standard Bank Plc. has entered into a partnership with South African-based remittance company, Hello Paisa, to use its Bureau De Change branches across the country as collection points for money sent from South Africa, United Kingdom, United Arab Emirates and Bahrain.
Announcing the partnership Standard Bank PLC Bureau De Change Head, Alinafe Khembo- Banda, said the bank intends to add value to Malawian livelihoods through reliable and secure cash transfers and financial solutions.
“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 allows 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.
Remittances have become a notable component of Malawi’s economy over the past decade as a result of economic emigration of tens of thousands of Malawians to seek greener pastures especially in South Africa.
Reserve Bank of Malawi recently estimated that in 2019 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.
Hello Paisa Malawi Operations Manager, Mohamed Ebrahim Dhoda, said the remittance firm sees the partnership as a launch pad for more consumer-driven financial solutions to Malawians.
“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,” he said.
Dhoda added that the new service should be trusted by Malawians because Standard Bank and Hello Paisa are trusted brands in both countries, sharing the goals of service excellence via technology-driven solutions.
To claim their money, customers are advised to produce a valid ID and the reference number from the sender.
Standard Bank Bureau De Change has service points in Blantyre, Mwanza, Lilongwe Old Town, Karonga, Chileka Airport and Kamuzu International Airport.
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