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eWallet passes R31 billion in 2021

South Africa’s leading mobile money product, FNB’s eWallet, saw volumes grow by 12%, with a positive impact in rural and township areas

FNB’s eWallet solution exceeded R31-billion from 56-million transactions, a 12% increase, in 2021. The bank has an active base of over 7-million eWallets,  which customers can use to send money to recipients who do not have a bank account. The money can be withdrawn from FNB ATMs or selected SPAR stores across the country.

“We’ve increased the value of eWallet by offering qualifying individual customers free eWallet sends, and recipients continue to receive their funds in full at no cost,” says Raj Makanjee, CEO of FNB Retail. “Features of eWallet such as simplicity, convenience, and security are also attracting users who do not have a bank account, as they can see that this is the most efficient way to send and receive money.”

Building on the success of eWallet, FNB expanded services for its Entry customers several years ago with the introduction of the FNB Easy Zero bank account. Easy Zero is a low-cost transactional bank account that is ideal for people who have irregular income that is within the account’s limits. Easy Zero users do not pay a monthly account fee, and the account can be opened using cellphone banking (USSD). To date this account has reached an active base of 1-million customers. To open an Easy Zero bank account, you need only a person’s full name, surname, and ID number. Debit orders are not permitted.

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