Absa’s CashSend processes R1 billion in transaction values

CashSend transactions processed in 2012 surpass expectations.

February 13, 2013

CashSend transactions processed in 2012 surpass expectations.

Absa, a subsidiary of Barclays, has confirmed its position as a frontrunner in the money transfer market in South Africa announcing it has processed over a billion rand in total values via its CashSend money transfer platform in 2012.

“This is 73% up from 2011,” says Absa’s Head of Retail Markets, Arrie Rautenbach who believes this marks the beginning of an exciting growth period ahead for the bank.

“This is a very exciting landmark for us, as it confirms Absa as a major partner in the South African cash remittance industry and demonstrates how quickly we are growing. Based on our current daily transaction average we processed in excess of 2.5 million real time transactions in 2012,” says Rautenbach.

The average value for CashSend transactions is R400, with Absa’s Cellphone Banking Lite service accounting for almost a third of all CashSend transactions made.

Rautenbach attributes the popularity of the bank’s CashSend service to its simplicity, cost effectiveness, convenience and security, revealing the most popular destination for CashSend transfers to be in rural areas, “with statistics showing some of the highest-activity ATMs in the Eastern Cape.”

“For many recipients, this is their first interaction with formal banking infrastructure like an ATM, an essential first step towards financial inclusion and we are proud that CashSend is a major vehicle to delivering a real opportunity to facilitate access to banking services on the move and in remote rural areas,” says Rautenbach.

Absa’s digital sales volumes showed positive results growing at 119% year-on-year in 2012. “One of the biggest growths seen through our digital channels is a growth in Absa’s cellphone banking client base which grew by over 1 million customers last year to 4.2 million. Over 40% of personal loans approved were initiated via Digital Channels. Customers have started to realise the benefits of secure, convenient and environmentally friendly eStatements which also grew by 96% last year.”

“By and large Absa is most proud of building significant digital capacity and capabilities that live up to its brand promise to truly make customers’ lives much easier,” Rautenbach concludes.