2 million South Africans use cell phone banking

FNB recently registered 2 million Cellphone Banking customers. With just more than 11% of the South African population now using their cell phones to fulfil their banking needs, 33% of these individuals have selected FNB as their bank of choice.

‚The option of transacting from the safety and comfort of your own home or workplace, instead of going into a bank, and the significantly lower fees involved, are drawing many people into the realm of Cell phone Banking.‚ says FNB Cell phone Banking CEO, Ravesh Ramlakan.

In South Africa, the profile of FNB’s Cell phone Banking customers is black (69%), English speaking (88%), young (30% is between 19 and 32 years old), live in Gauteng (almost 35%) and earn between R8 400 and 60 000 per year (40%). Our customers furthermore do not or cannot enter into contracts for services: hence approximately 70% of Cell phone Banking transactions are mainly for prepaid services such as prepaid airtime and electricity.

‚Although convenience is the most frequently mentioned selling proposition for the mobile alternative, what we really are selling is personal empowerment,‚ adds FNB Cell phone Banking CEO, Ravesh Ramlakan.

To not be at the mercy of a corrupt system is true personal freedom. For millions of other people empowerment means not having to spend a whole day travelling and queuing to pay a few bills.

‚The vision for Cell phone Banking the world over should be personal empowerment. By granting people the ability to manage their finances conveniently, efficiently, cost-effectively and safely, the banking sector can truly contribute to a rising tide that will lift all the boats in the harbour of the global economy,‚ concludes Ramlakan.