News Column

FNB e-Wallet Records Significant Growth

May 30, 2014

Savious Kwinika

FIRST National Bank (FNB) has announced that more than R10 billion had been sent to recipients via its mobile money solution, eWallet in South Africa, since its inception.

FNB said 53 percent, or R5.3 billion, was sent in the last year alone, between May 2013 to April 2014.

"We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country.

"A challenge easily solved with FNB's eWallet solution," said Yolande Steyn, Chief Executive Officer of eWallet Solutions at FNB.

FNB's eWallet consumer service accounts for the majority of sends, R8,7 billion, while the bank's newer business solution, eWallet Pro, allows businesses to pay the unbanked through their cell number or a prepaid card, is starting to show significant growth as well.

eWallet Pro has proven popular in the construction, healthcare, insurance, education and agriculture industries.

According to FNB Gauteng eWallet users send and receive the lion's share of mobile money in the country with a 46 percent share, followed by Kwa-Zulu Natal at 14 percent and the Eastern Cape at 11 percent.

"We find that main urban centres tend to have higher usage because of population density and the fact that people use an eWallet for reasons other than sending money home, such as paying friends or purchasing airtime," added Steyn.

However, it is outside of the main cities that the real impact of using an eWallet for remittance is evident with money being withdrawn in outlying areas such as Butterworth in Eastern Cape and Hoedspruit in Limpopo.

eWallet is FNB's mobile money solution, allowing FNB customers to send money to anyone in South Africa with a cellphone.

The recipient doesn't need a bank account and can access funds easily from any FNB ATM or Slimline ATM device.

eWallet Pro is an enterprise solution which allows FNB Business customers to make electronic payments to customers and employees instantaneously.

The solution allows for once-off or repeat payments to the recipient's cellphone number.

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Source: AllAfrica

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