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Nedbank to give tourists visibility into withdrawal costs at South African ATMs

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November 13, 2019

Nedbank Group, one of the largest financial services companies in Africa, has extended a partnership with Fexco, an Ireland-based fintech, that will allow the lender to extend Fexco's Dynamic Currency Conversion solution to merchants and their international customers throughout South Africa.

Fexco's DCC technology allows international cardholders to pay for products in their home currency with full visibility of the total cost of the transaction at the point of sale. The solution will also be deployed across more than 4,000 Nedbank ATMs, giving international customers full visibility into the costs of withdrawing money from its ATMs.

"The DCC software makes it more convenient for international tourists to pay for goods in South Africa, but it also offers a sense of comfort from knowing exactly how much they have paid in their home currency," Mpho Sadiki, executive of card and payments acceptance at Nedbank, said in the release.

The DCC service is available through Nedbank point-of-sale devices and ATMs tourists paying with Mastercard and Visa cards. The bank believes that the flexibility, convenience and transparency the solution offers overseas visitors will encourage more spending by tourists and ensure that the tourism sector grows its contribution to South Africa's economic development over time.

"Today's announcement shows our commitment to the payments and ATM industries and marks the 11th country where we have deployed our DCC@ATM service," O'Sullivan says, "We expect to see significant growth, particularly in the ATM space in 2020, with three additional countries set to come on stream in Africa."