New ATM service simplifies cross-border money transfers
Absa has launched a new Western Union self-service remittance redemption capability across its extensive ATM network in South Africa.
Source: X/Absa.
The service simplifies access to cash, reduces waiting times, and allows customers to redeem international money transfers without visiting a branch. This innovation reinforces Absa’s commitment to financial accessibility, efficiency, and customer convenience.
Fully integrated into the bank’s secure protocols, this capability broadens channel options for customers who are unable to access remittance funds through digital channels, such as the Absa Banking App and Absa Online, and who are otherwise limited by traditional banking hours.
“This is more than just an enhancement – it’s another key step for financial inclusion, the purpose-driven expansion of digital services, and connecting our customers to the financial world across the pan-African and global remittance market, while putting control into the hands of the customer,” said Tshiwela Mhlantla, Managing Executive: Integrated Channels at Absa Personal and Private Banking.
“By leveraging our vast ATM footprint and advanced ATM infrastructure, we are eliminating barriers and deepening access to essential services, having partnered with Western Union and key stakeholders in the regulatory environment to make this possible.”
Global, secure, accessible
Western Union currently operates in more than 200 countries and around 500,000 location points globally. Absa processes approximately 1,500 inbound remittances monthly through its ATMs and has paid out in excess of R20m since the soft launch of the capability in July. Regulatory requirements, including anti-money laundering protocols, have been incorporated into the self-service capability, ensuring it remains secure.
“With this initiative, Absa affirms its commitment to innovation, financial inclusion, and to being an active force for good in everything we do, as well as the strategic deployment of our partnerships in the channels space to extract value for all our customers, aligned to our purpose of empowering Africa’s tomorrow, together, one story at a time,” Mhlantla said.
“This mirrors the partnership we initiated with the UIF two years ago, to provide personalised pre-populated official UIF application forms through our ATM network saving unemployed customers time and travel costs to a bank branch to source the information before travelling to a Labour Centre,” Mhlantla said.
Inclusive financial services
The conditions of use are that users must be 18 years or older and must hold an active Absa transactional account to receive their Western Union inbound payments.
The process to redeem funds follows the usual ATM usage protocols and prompts, guiding the customer through the steps, including specifying the purpose of payments, completing necessary regulatory and compliance attestations and verifications, before the funds are deposited into the client’s transactional account.
Customers then have the option to withdraw the funds or transfer them to another bank account. The availability of this capability is, however, limited to Western Union’s operating hours.
With this innovation, Absa reinforces its commitment to empowering communities by ensuring that financial transactions are not only more accessible but also safe and more efficient.