Citigroup, through its Global Transaction Services unit, has announced that Citibank, N.A., South Africa Branch, has signed an agreement with Moneystar, a financial services provider based in South Africa.
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. Citigroup’s GlobalTransaction 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.
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.”
(LB)