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 Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)