As one of the economic centers on the continent, South Africa plays a pivotal part in supporting an estimated 2.9 million migrant workers. According to World Bank data, the more than $ 7 billion in remittances sent by migrants are significant source of capital in most Southern African countries – providing a financial lifeline to millions of households.
International money transfer companies like Hello Paisa are leading the way in providing safe, legal and easy-to-use services that allow individuals to send money instantly from South Africa to countries around the world.
According to Sayjil Magan, Managing Director at Hello Paisa, being able to do international money transfers in real-time with the confidence and knowledge that it has been safely received by the recipient is paramount. “Understanding this need is integral to our drive to create greater access to convenient and affordable remittance services.”
For Hello Paisa to be able to deliver on this promise it has recognized the importance of partnering with Ozow as its trusted instant EFT payment provider.
The partnership will mean that Hello Paisa customers will be able to pay for their money transfers directly from their bank accounts using Ozow’s instant EFT solution. Unlike traditional payment options, this can be done anywhere, any time and without the hassle of having to wait for money to clear.
“Being able to simplify the complexities of international money transfers for people is dependent on the collaboration and partnerships that we create within the financial services and banking sector,” explains Thomas Pays, CEO and Co-Founder of Ozow.
“Ultimately, we are focused on providing payment solutions that help to drive down cost, improve the speed of transfers and provide consumers with more ways to transact. With a focus on safety and security, this alternative payment method will also help to reduce the risk of migrant workers having to carry or transact in cash when wanting to send money back home,” Pays adds.
To pay using instant EFT, Hello Paisa customers will simply need to select Ozow as their payment method for the money transfer, enter their bank details to select which account to pay directly from and then approve the payment on their banking app, with a secure second factor authentication.
Ozow’s instant EFT payment method is available with South Africa’s nine major banks: ABSA, FNB, Nedbank, Standard Bank, Capitec, Investec, Tymebank, African Bank and Bidvest Bank.