Guiding consumers since 2009

FNB sees 119% growth with eWallet

By Staff Writer

If you are one of the many people sending money abroad via your cellphone you are not alone. FNB’s CEO of eWallet Solutions, Yolande van Wyk, said this week that FNB’s eWallet African operations enjoyed a 119% year-on-year increase in the last financial year. The business has also maintained its growth trajectory in South Africa with the total number of eWallets in all countries reaching 2.5 million, an 84% increase on the previous financial year.


FNB has a sizeable chunk of the mobile money business and according to a World Wide Worx report, 51% of the mobile money users in South Africa are FNB eWallet users.


Mobile money involves the use of a cellphone to transfer funds between people and bank accounts, to deposit or withdraw money, to pay bills or to buy services such as airtime and electricity.  


“The success of eWallet in South Africa as well as our African operations has proven that there is a pervasive need to send money easily and instantly through a network agnostic mobile money solution,” says van Wyk. “Over the last financial year alone, over R3.2 billion has been sent into eWallets across countries in which the service has been launched. These countries include South Africa, Botswana, Namibia, Swaziland, Lesotho and Zambia.”


Outside of South Africa two countries in particular have shown very high customer acceptance and take-up. Both Namibia and Botswana’s growth has exceeded expectations with approximately 17% of citizens in Botswana and, in less than a year, over 5% of the population in Namibia receiving money into an eWallet.


“The growth of eWallet in the African subsidiaries has been a lesson in how local conditions effect how people adopt and use a service. We have noticed that Botswana and Namibia’s low population density contributes to the take-up. With a population density of less than four people per square kilometer in both these countries, there is clearly a need to send money across a distance, and eWallet has fulfilled this need,” says van Wyk.


In South Africa there are no discernible corridors as eWallet users tend to send money within a region or province, with Gauteng being the predominant province from which people are sending and receiving money.

Recent Articles

Featured How are you taxed on your retrenchment package?

Unemployment is one of the biggest problems in South Africa. The emergence of the Covid-19 pandemic has exacerbated the situation with a lot of companies retrenching their employees.  When retrenched, you’ll receive a retrenchment package, but do you know how much tax you’re liable for?

Car repossessed – don’t be taken for a ride

When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?

 

Why you should consider gap cover

Your medical aid should protect you from incurring large medical bills when you’re sick. But what if your plan doesn’t cover the full cost of your medical expenses? We got in touch with insurance experts to find out whether gap cover is worth having.

Debt relief - What is your bank offering?

Going through a financial crisis is stressful whether it be as a result of losing your job, being short-paid, having to fork out towards an emergency payment, or finding yourself in the midst of a global pandemic. This is especially taxing if you have a debt to service. It is against this backdrop that banks are increasingly offering payment holidays. Justmoney looks at the various debt relief options available to you from the big five banks.

Deals

Office furniture at discounted prices at BDK

Price: Available on request
When: Daily
Where: Johannesburg

Da Vincis Happy Hour Special

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

Use your Absa card and get 30% cashback at Dis-chem

Price: Available on request
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions