July 25, 2011 06:06 AM Eastern Daylight Time
JOHANNESBURG & LONDON--(BUSINESS WIRE)--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.
“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”
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.
