According to Reuters, the First National Bank (FNB), one of South Africa’s largest retail banks, has partnered with Mastercard to launch a new cross-border payment service designed to make international transfers faster and more affordable.
The new platform, called Globba, allows customers to send money to several African countries including Zimbabwe, Malawi, Mozambique, and Ghana. FNB said it plans to expand the service to more markets across its African network in the near future.
Boosting access to low-cost remittances
FNB’s move supports South Africa’s goal of improving regional financial connectivity. Cheaper and simpler remittances have been a key focus during the country’s G20 presidency.
The G20’s Financial Stability Board recently warned that global authorities risk missing their 2027 target for faster, more transparent, and less costly cross-border transactions. FNB and Mastercard aim to close that gap by combining digital banking tools with Mastercard’s international payment infrastructure.
FNB is the retail arm of Johannesburg-listed FirstRand, South Africa’s second-largest bank by assets.
The Globba initiative highlights a growing trend among African banks seeking to modernize payments, reduce remittance costs, and strengthen financial inclusion across the continent.
