FNB helps employers pay the unbanked
"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.
Featured The bank took money from my account – is this allowed?
You’ve just deposited money into your account and suddenly you see a notification from your bank. Money has been deducted from your account to pay the outstanding debt that you have with the bank. Is this allowed?
How much does it cost to draft a will?
Having a Will allows you to determine who inherits your property when you die. If you die intestate, the government will determine how to distribute your assets. Many people die intestate because they don’t know how to draft a will or are intimidated by the costs of drafting one.
Is your home correctly priced for the current market?
The property market is typically in either one of two phases, a buyers’ market or a sellers’ market. According to real estate experts, we are currently in a buyer’s market. For this reason, it is important as a seller to correctly price your house to ensure interested buyers and a valuable sale in the end.
Fuel rewards programme – how to fill up on petrol and points
South Africa’s volatile economy has often meant that factors like the fuel price bear the brunt. This year alone the country’s fuel price has fluctuated by between R1.50 to almost R3, which has put increasing pressure on motorists. That said, many of the bigger South African brands have provided some relief by way of fuel rewards programmes.
Mowana Voucher Special
Price: From R1,099
When: Before 24 December 2019
Birchwood Hotel Christmas Gift
When: Between 15 December 2019 to 1 January 2020
Burger & Lobster Lunch in 30 Minutes Special
Where: Cape Town