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South Africa's FNB, Mastercard launch cross-border platform for cheaper, faster transfers
South Africa's FNB, Mastercard launch cross-border platform for cheaper, faster transfers
About this update from Firstrand Limited
One of South Africa's top retail banks, First National Bank (FNB), launched a new cross-border payment platform with Mastercard NYSE:MA on Tuesday that aims to make remittances and international transfers easier and cheaper.The Globba platform would help customers looking to send money to other African countries like Zimbabwe, Malawi, Mozambique and Ghana, and First National Bank said it aims to eventually extend the service across its network in Africa.Cheaper and easier remittances and transfers have been a priority issue for South Africa's G20 presidency.Last month the G20's Financial Stability Board warned global financial authorities were set to miss a 2027 target of making cross-border transactions faster, cheaper and more transparent.First National Bank is the retail arm of Johannesburg-listed FirstRand JSE:FSR, South Africa's second-biggest bank by assets.