Cargills Bank has partnered with TransferTo, a leading cross-bordermobile payments network for emerging markets, to enhance and strengthen its
remittance services offered by the bank. The partnership provides customers
worldwide the convenience of sending money in real-time, from over 60 countries
across TransferTo’s global network, to beneficiaries in Sri Lanka.

Beneficiaries can now collect cash remittances from 17 Cargills Bank
Branches and at over 330 Cargills Food City outlets island wide. In addition,
customers will receive a 5% discount on their purchase when they collect cash
remittances at any Cargills Food City outlet, which are open between 8am and
10pm, 365 days of the year.

“As a bank which understands
the DNA of its customers, we are pleased to strengthen our remittance services
by partnering with one of the world’s leading money transfer networks:
TransferTo. The integration of mobile financial services with commercial banks
to provide delivery of remittance will boost the formal remittance inflow to
the country, particularly in the rural and remote areas and the beneficiaries
would be able to collect them from any of our 330 Cargills Food City
network.  We are the pioneers in digital
banking and innovations, so therefore these digitalized services will bring
more efficiency in the remittance delivery system by cutting costs and
travelling times of our customers
,” said Mr. Buddhika Perera – Head of Retail
Banking at Cargills Bank
.

TransferTo CEO, Peter De Caluwe added “Remittances represent a very
important source of income for Sri Lanka – both from an individual and economic
perspective – so it’s essential that the correct infrastructure exists through
which people can send and receive money. TransferTo is committed to powering
international money transfers for Cargills Bank, enabling their customers to
seamlessly send money from across our global network, directly to their loved
ones back home in Sri Lanka”
.

With a key focus on emerging markets, TransferTo’s network interconnects
over 1500 partners including banks, mobile network operators, mobile money
operators, digital financial services firms, mobile wallet providers, banks,
NGOs and international e-commerce merchants, allowing these players to perform
digital payments globally.


This article was featured in Mobile Payments Today, Enterprise InnovationMirror Business, Developing Telecoms, and FT Online.