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FBC Bank sheds more light on its send-to-cell service

   
4 comments

Yesterday we reported FBC Bank’s “Send-to-Cell” service. This is a platform that allows FBC Bank account holders to send money to any mobile number, which is similar to the service launched by CABS last year but with some differences. Chief among them is that to access the funds sent from a CABS account holder you have to open a Textacash lite account.

In FBC’s case there was no further information about how the recipient would recieve the money. The press release the bank sent yesterday said that the person on the other end would recieve instructions on how to redeem the funds.

The one thing that I thought FBC would leverage was the facility to open a range of full KYC accounts via the bank’s USSD or Bank app in order to redeem the funds.

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In light of this, the folks over at FBC reached out and gave us further details on the send-to-cell platform and how it is going to operate.

Service is open both to FBC account holders

My initial impression to the part about FBC Account holders using this service was bewilderment. Why would you need to send-to-cell to another FBC account holder when you can ask for their account number? And then it hit me.

It’s a lot more convenient to use a cell phone number than it is to ask for or try to remember an account number. If the person you want to send money to has an FBC account and they have it linked to that number then it’s far more convenient to use the phone number.

How to redeem money as an FBC account holder via Send-to-Cell:

  • Step 1: Beneficiary Receives SMS Alert with Amount Received, Sender’s Mobile Number and Redeem Voucher Reference Number
  • Dial *220#
  • Select Banking Services
  • Enter PIN
  • Mobile Moola prompts a screen message that requires the client to select the card/account they wish to redeem their voucher for funds received via Send-to-Cell
  • Enter Voucher Reference Number
  • The funds are immediately credited into the client’s preferred account number

Apart from the process of having to enter the voucher number, this could work in the event of an emergency or if the recipient can’t remember their account number to do an internal transfer.

The big one “non FBC bank customers”

One of the biggest gripes I had with the platform was that it seemed to ignore the USSD/Bank App account opening facility.

Well, with the new information from FBC bank, non-FBC account holders will have the option to open a Full KYC account to redeem funds into.

To open an FBC account digitally via USSD (*220#), anyone can follow the steps below:

  • The individual receives a transfer notification with instructions on how to redeem funds
  • Dial *220#
  • Select Apply for an account
  • Accept Terms and Conditions
  • Enter ID Number in the format 123456789A00. Do not leave space.
  • Enter Surname
  • Select 1 ZWL Currency
  • Enter Home Address
  • Select which branch you would like to collect the card from
  • Select 1 to Confirm
  • Receive an SMS with Account number.

To redeem funds sent all you’ll need to follow the account holder steps mentioned earlier.

I honestly wish that FBC has included this pivotal detail in the initial press release. This makes their send-to-cell service absolutely worth it for those who aren’t FBC customers and rely on mobile money.


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Comments 4

Joseph
3 weeks ago

FBC seems to be the only reliable bank in Zimbabwe, also its continuously innovating👍.
P.S. TechZim this “Save my name and email to this Browser for the next time I comment” option seems to be non-functional.
I keep having to enter my details each and every single time to post a comment, it’s deterrent.

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Kone
3 weeks ago

Steward is still dragging its feet on implementing its send to cell service(specifically Steward bank to ECOCASH transfer) and they are mum about it. What is their objective?

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Imi Vanhu Musadaro
3 weeks ago

How is it “worth it” at all for non-FBC customers? Firstly, if I wasn’t their customer I probably wasn’t for very good reason, now I have an account I didn’t want to begin with. Secondly, if it is an emergency, I now have to go to a branch to collect my card to use it (whilst my emergency is on hold) or presumably use Mobile Moola (which I would have never used before and have to learn right there and then) and hope all works perfectly. And finally, if the instructions are complete, this is the least secure money transfer product by a bank. Technically, if a person has your phone, when it “receives” money, they can open the account, redeem and possibly transfer it out without you knowing. All that is needed to clear their tracks is to delete whatever transactional SMSes came. Done! Next, you have someone complaining that the money they sent was never received and a customer care assistant insisting it did (assuming the sender does find out it “wasn’t” received).

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