FNB recently announced that three million of its customers are doing their banking with their mobile phones. According to the company its cellphone banking services process in excess of 13.5 million transactions a month totalling over R1.7 billion.
FNB CEO Michael Jordaan says Cellphone Banking has become ‚one of the bank’s greatest success stories‚ . ‚Having 3 million customers safely doing their banking anytime, anywhere, is proof that we have made the right investment decision ‚ an investment in driving innovation which enables us to offer affordable, convenient and safe banking services,‚ said Jordaan.
The simplicity of Cellphone Banking has resulted in a diverse portfolio of customers using it – over 72% of customers earn less than R100 000 per annum, and fall within the 19 ‚ 40 age group, while 18% earn between R100 000 ‚ R500 000.
‚When we launched Cellphone Banking in March 2005, we only had 25 customers and the future was uncertain, today our Cellphone Banking services are available in South Africa as well as in 5 African Countries,‚ says Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions.
‚Cellphone Banking processes in excess of 13.5 million transactions monthly to a value of over R1.7 billion,‚ added Ramlakan.
‚Prepaid purchases are popular with our customers due to the convenience factor. However, the recent launch of our Cash Withdrawal service and once-off payments are also gaining popularity with our customers,‚ continued Ramlakan.
‚These trends show that the South African market has embraced the concept of ‚24/7 banking on the go‚ . We anticipate continued growth of the service, especially given its simplicity, the diverse transactions that can be conducted as well as the ability to allow customers to transact anywhere, at anytime,‚ concludes Ramlakan.