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FNB Cellphone Banking hits 2.5 million milestone

By Staff Writer
Cellphone banking is proving to be a winning formula for First National Bank. Cellphone Banking from FNB has reached the milestone of 2,5-million registered customers, just six months after hitting the 2-million mark -- making it the first bank to record this number of cellphone banking customers.

Michael Jordaan, CEO of FNB, says this success is attributed to FNB's brand promise of helpfulness and the bank's passion for innovation.

"The customer response to Cellphone Banking has been overwhelming. When we launched it in 2005 we did so with our customers in mind - we wanted to change the way they saw and experienced banking. We wanted them to have access to banking that was quick, easy, affordable and convenient - and this accomplishment is confirmation of our goal to deliver a modern solution of doing banking in a cost effective way."

On 14 September 2010, FirstRand reported that the success of their financial results was partly due to Cellphone Banking. FNB Cellphone Banking doubled its cellphone banking customers during the 2009/2010 financial year and less than six months later it has accomplished a 25% growth rate -- pushing up its numbers to 2,5-million customers.

"Cellphone Banking has enabled us to provide our customers with a convenient, safe and simple channel to do banking. Through Cellphone Banking our customers can transact anywhere, at anytime. It is as simple as that," says Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions.

With FNB Cellphone Banking, customers are able to perform a range of transactions such as (but not limited to) making payments, doing transfers, making balance enquiries, buying prepaid and sending money. "Prepaid is a favourite with our customers. Out of all our Cellphone Banking transactions, more than 67% of these are for prepaid," says Ramlakan.

The simplicity of cellphone banking has resulted in a diverse portfolio of customers using it. "Customers from both urban and rural areas are making use of our Cellphone Banking channel - over 65% of these customers earn less than R100, 000 per annum, and fall within the 19 - 40 age group."

"The success of Cellphone Banking has proven that our offering is trusted and preferred. We strongly believe that it will continue to grow substantially," concludes Ramlakan.

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