FNB helps employers pay the unbanked

By Staff Writer
FNB has launched a new payment solution, Pay Wallet, which enables employers to pay their un-banked employees' funds into a cellphone.

"Pay Wallet is yet another innovative solution from FNB ensuring that all South Africans are active participants in the growth of our economy. It affords those with no access to banking services to be paid electronically without the need of a bank account," says Yolande Van Wyk, CEO of FNB Smart Services.

According to 2009 FinScope research South Africa has more than 27 million economically active individuals and 37% of these individuals do not have bank accounts.

Pay Wallet enables FNB Corporate, Commercial and Public Sector clients to electronically pay their un-banked recipients directly to their cellphones. The recipients have immediate access to their funds at any full service FNB ATM without the need of a bank card.

Importantly, the solution offers FNB Corporate, Commercial and Public Sector clients' safety, affordability and convenience.

"Pay Wallet will reduce our clients' risk of theft and fraud as well as the cost and inconvenience associated with handling cash. By accessing a specifically developed portal on FNB Online Banking, clients will have the ability to create and pay wallet holders in real-time, and wallet holders will have immediate access to their money by withdrawing cash at an FNB ATM. Clients will also have the ability to ‘sponsor' up to two cash withdrawals for the recipient in order to further reduce costs for employees," says Michael Vacy-Lyle, head of sales and client relationships at FNB Commercial.

"Through our commitment to entrepreneurship and enabling businesses to manage their cash flow effectively, we focus on innovation as a key driver in making banking more affordable, accessible and convenient to our clients - saving them time and money," adds Vacy-Lyle.

The solution caters for any disbursements which previously relied on cash or cheque payments. Clients also have the option of providing recipients with a Pay Wallet card, which can be used at any ATM and for cash back or purchases at point of sale.

"Our solution provides employees who do not own a bank account, the opportunity of being able to receive their funds instantaneously and electronically. FNB's focus on innovation has created the ability for our clients to conduct their financial matters safely and securely, and far more conveniently," concludes Van Wyk.

Recent Articles

Featured Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Splitwise: Split the bill not the friendship

Collecting your friends’ debt to you can be draining. You don’t want to ruin your friendship with them, and it can also be extremely awkward. I don’t know how many times I have written, deleted, and rephrased texts, reminding people to pay what is due to me.

Read more

Stokvel-friendly accounts – which one is fair?

The stokvel economy is approximately worth R49 billion in South Africa. This is according to the National Stokvel Association of South Africa (Nasasa). Altogether 24% of these stokvels are in Gauteng, while only 6% are in the Western Cape.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Cape Town Fish Market Swartland Special

Price: From R123
When: Until 14 July
Where: Cape Town

Aha Casa do Sol Pay 2 Stay 3 Special

Price: R1,200
When: Until 31 July
Where: Mpumalanga

Open University Free Courses

Price: Free
When: Daily
Where: Online