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.