FNB eWallet rising rapidly

By Staff Writer

By the end of January 2011, over 2.6 million transactions were processed by the eWallet system.

The bank is poised to double the use of this service by expanding it to other African countries by June this year. Yolande van Wyk, CEO of FNB Smart Services, says the eWallet system has already processed R750 million worth of transactions since inception. This represents staggering growth of 3082% considering that at January 2010 the cumulative value of transactions processed since inception stood at a little over R23 million.

"In January last year, less than 30 000 eWallets had been created. But by January this year volumes had surged to 370 000" Van Wyk says, adding that on average R1.5 million is currently being sent daily by FNB customers to eWallets.

Van Wyk describes this growth as phenomenal and the eWallet system has consistently outperformed its competitors since its launch. According to FNB, the growth of this product has been driven by the need to bridge the gap between the banked and the unbanked for all South Africans.

Another contributing factor towards its success is the high concentration of cellular phones amongst South Africans. "As long as recipients have a cellular phone, they are able to receive money in an eWallet, thus opening the product up to most South Africans (regardless of whether they have a bank account or where they bank). Using their cellphones, eWallet recipients are able to withdraw cash from an FNB ATM, buy prepaid airtime or send money to someone else", adds van Wyk.

The FNB customers who send money to eWallets range from low to high income groups, showing broad appeal for the service. They use it to send money to family in remote areas, to give pocket money to kids or to reimburse friends for lunch.

"At FNB we drive innovation and believe it is with innovation that we will make eWallet available not only to South Africa but to the rest of the continent. We are working on changing the way Africa sees cash, by delivering an easy and safe innovative method," concludes Van Wyk.
 

Recent Articles

Featured Do you need credit to survive Easter?

Easter weekend is here and with it the expectation of celebration. While there is nothing wrong with this, it often means spending more money than you bargained for.

 

Read more

Young woman building a legacy brick by brick

When her dad passed away, Siyasanga Ngcongca, an internal auditing graduate, took over the family business. Ngcongca Construction, as her company is known, is a service provider to five insurance companies, handling building and commercial claims.

Read more

Can you evict paying residential tenants?

One of the most common reasons for wanting to evict a tenant is non-payment of rent. But there are many other situations that landlords may encounter. These can range from damaging property and breaching contract, to being reported as a continuous disturbance by neighbours.

Read more

How one entrepreneur designed her financial future

From as early as Cannon remembers, she recalls her grandmother seated behind a sewing machine. Through this influence she was sewing her own aprons and doll dresses by the time she was ten, and by the time she was 16, she started designing and make her own clothes.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Hartbeespoort Romantic Weekend Special

Price: R2,999
When: Weekends
Where: North West

Da Vinci Happy Hour

Price: Available on request
When: Weekdays
Where: Cape Town

Glenburn Spa Easter Package

Price: From R1,065
When: 18 -22 April
Where: Muldersdrift