HEARD on the street
SEND MONEY TO ZIMBABWE AT NO COST
International money transfer provider Hello Paisa, which is part of the Hello Group, has just kicked off a threemonth winter promotion offering users the ability to send money from South Africa to Zimbabwe for free.
Hello Paisa survey data show that the typical Zimbabwean customer earns less than R3 000 a month and tends to send more money home over the winter months, when their children and parents need warm clothing, blankets and face higher electricity costs due to the increased use of heaters.
CEO of the Hello Group, Nadir Khamissa, says that Hello Paisa initially launched with a 5% fee for transactions from South Africa to Zimbabwe, and that was already favourable compared with the market rate of 10%.
“World Bank research shows that Africa has some of the most expensive remittance corridors in the world. It just feels wrong that the poorest people in the world should pay the highest fees to feed and clothe their families. In response to this challenge, we launched Hello Paisa in March last year,” he says.
The three-month, zero-transaction fee campaign runs from June 11 until September 12. How to use Hello Paisa:
To register, visit any Hello Store call centre on 0861 888 880 or dial *130*43556# from you cellphone and ask to be signed up.
You need a valid identity document, passport or asylum permit and proof of residence.
The Hello Paisa App is also available for download from the Google Play Store.
Once you are registered, all you need to do is create a recipient, create an order and then settle your order at retailers including Checkers, Pick n Pay, Shoprite and Spar, or at any FNB branch or Hello Store.
Once the payment has been made, your recipient will be able to collect the cash easily, safely and instantly from any of the Hello Group’s trusted pay-out partners.
DIGITAL BANKING ON THE RISE
The use of digital banking channels is increasing among the middle class in South Africa, along with a need for personalised banking solutions instead of a one-size-fits-all approach.
These are some of the key findings from research conducted by FNB among its premier clients, who earn between R350 000 and R750 000 a year, before tax.
Lynette Kloppers, CEO of FNB premier banking, says: “Consumers now require services that are available around the clock and can be accessed from anywhere in the world. About 78% of those surveyed said they preferred conducting banking via online platforms because it’s convenient and easy to access.”
Family is very important to this group; 76% of them are married and 52% have children who are financially dependent on them. Retirement planning also takes centre stage – a majority of the respondents said they would like to retire comfortably.
The findings of the survey point to specific developing trends, such as the need for a bank that takes the future needs of the client into consideration.
Beyond future plans, there are notable lifestyle preferences that are important for this market, which include local family holidays, overseas trips and dining out.
Despite having a propensity to spend on leisure, this group is equally aware of the need to curb over-indebtedness by saving.
DISCOVERY WINS TWO AWARDS
Discovery walked away the winner in two categories at the 2016 Financial Intermediaries Association of Southern Africa Awards earlier this month.
Discovery Life, for the seventh time overall and for the fourth year in a row, took top honours as the Long-Term Insurance Product Supplier of the Year – Risk, while Discovery Health was selected the Healthcare Product Supplier of the Year for the eighth time since these awards began.
Hylton Kallner, CEO of Discovery Life, says: “It’s an absolute honour for Discovery to receive this recognition from the intermediary community in two categories this year.
“These awards are an acknowledgement of our continual effort to deliver high-quality, innovative products that people need, and assistance and support for all intermediaries we interact with.”
Typical measures in the assessment by the association include innovation, competitiveness, and knowledge and service.