Stanbic Bank’s Instant Money is like Mobile money for traditional Banks

instant money

Your family member or friend is broke, but doesn’t have a bank account. Did you know that you can still send them money from your bank account? Stanbic Bank’s Instant Money service allows you to dispatch money from your account to any mobile phone in Uganda.

The recipient can withdraw via the ATM without the need for a card but rather using a voucher number that is sent to them via SMS, and a secret pin which the issuer will receive and share with them.

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You can send any amount between 0 – 2 million. The charge is tied based on the amount you are sending, the minimum being 1,500/= and maximum being 3,500/=.

Here is how you can issue instant money;

Using mobile banking (*290#)

• Dial *290# >Select Instant money > Select Purchase voucher
• Select Account Number to pay from > Enter voucher Amount > Select purpose of funds
• Enter beneficiaries cell phone number, starting with 256 The Instant Money purchase confirmation screen will be displayed.
• Select 1 to confirm transaction

Related Article: How to withdraw money without a card on any Barclays Uganda ATM


 

Using Online banking

• Log onto online banking
• Select the Send money option.
• Select the account number to make the transfer from
• Input the recipient’s phone number
• Input the Purpose of the funds
• Enter the voucher amount
• Confirm the details of the transaction and click pay
• Enter the e-Banking OTP sent to your registered Mobile Phone to verify

After issuing instant money using either of the above means;
• You will receive a receipt with the voucher number and a secret 6 digit pin
• Recipient will receive the voucher number only
• Share with the recipient the secret pin
• They will visit any nearest ATM to redeem the instant money

How to redeem your instant money at the ATM

It is a simple and fast step-by-step procedure.
1. Select Cardless Services from the ATM Welcome screen.
2. Select the language of your choice.
3. Select Instant Money.
4. Enter the 13 digit Voucher Number sent to you over SMS.
5. Enter your mobile/cell phone number.
6. Enter the 6 digit PIN Number that the Issuer shared with you.
7. Press Enter to proceed. The Instant Money Confirmation page will be displayed.
8. Select Yes if you would like to confirm and proceed.
The amount will be dispensed