Moneystar Appoints Citi® Prepaid Services in South Africa
Johannesburg, London - July 25, 2011 – Citigroup, through its Global Transaction Services unit, today announced that Citibank, N.A., South Africa Branch, has signed an agreement with Moneystar, a financial services provider based in South Africa. Under this arrangement, Moneystar has started disbursing micro loans to eligible loan applicants using Citi’s Visa® Prepaid Card.
“Citi is delighted to support Moneystar and the South African community with its Prepaid Card Capabilities”, says Donna Oosthuyse, Citi Country Officer for South Africa. “It represents a significant contribution to the Microfinance industry as Citi will be facilitating the payment of Microfinance loans to South African citizens, thereby supporting responsible finance.”
“Moneystar is pleased to have taken hands with Citi South Africa in this venture and we foresee a number of Prepaid Cards being distributed in the market in a short space of time”, says Eugene van Niekerk, CEO of Moneystar.
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Citi, a leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.
About Citi®Prepaid Services
Citi Prepaid Services is a leading provider of innovative corporate Prepaid solutions. Through a consultative approach, Citi Prepaid provides clients with comprehensive electronic payment programmes that reduce costs, enhance operational efficiencies and provide an unmatched user experience. Leveraging an extensive payment platform and proprietary Prepaid technology, clients around the world use Citi Prepaid’s custom programmes for all types of payments including compensation, promotions and disbursements. For more information about Citi Prepaid Services, visit www.citiprepaid.com
Moneystar, a registered credit provider, forms part of the Waxbill Capital group of companies, based in Pretoria, South-Africa. Moneystar provides customers credit up to R10 000 and access to short term funding re-payable over a maximum term of 12 months. All credit facilities are granted within the frame work rules and regulations of the National Credit Act. Read more about Moneystar on www.moneystar.co.za
All credit facilities are sold to customers via a branch infrastructure and external broker network operating on a national basis through-out South Africa. Moneystar, in co-operation with CapCircle management consultants, uses the Citi Prepaid Services to dispense the proceeds of the credit facilities onto the card.
Moneystar further uses Citi Prepaid Services to:
- Have fast payouts to their clients in a cash free environment.
- Provide clients a safe and secure way to access their cash.
- Retain their customers for further advances.
Moneystar also foresees that the Citi Prepaid Card will hold major advances to employees of various employer groups to have staff benefits been paid onto the card.