The Cross-border Money Transfer Experience

Why would a person choose to send a regional low value remittance from South Africa to any SADC country through the formal banking system in South Africa, be it through a telegraphic transfer (TT) or through the use of the Western Union or MoneyGram service now being offered by ABSA Bank, Standard Bank and Bidvest Bank, respectively, when the informal alternative is cheaper, more reliable and more convenient? This is the core problem statement that this focus note from FinMark Trust unpacks.