FNB eWallet moves R1.6bn

FNB has said that R1.6bn has been sent via its eWallet service in the past year, with over 1.7 million eWallets created since its launch in October 2009.

FNB has announced that its eWallet service has notched up R1.6bn sent to eWallets in the last year. Since its launch in October 2009, over 1.7 million eWallets have been created in South Africa.

Yolande van Wyk, CEO of eWallet Solutions says, ‚”At first, FNB eWallet was aimed at providing safe, simple and reliable money transfer solutions for the average South African: an ideal alternative for quick person-to-person funds transfer.‚”

Part of the FNB eWallet strategy is to increase the accessibility of financial services to all South Africans. eWallet now allows both FNB and non FNB customers to deposit cash into eWallet using the FNB ATMs with automated deposits (ADTs). Non-FNB customers first need to go to any FNB EasyPlan branch with their green bar coded ID and follow a simple once-off registration process.

Previously, you could only send money from an FNB account and now FNB ADTs allow users to deposit cash into an eWallet and then send money to any cellphone in South Africa.

‚”FNB eWallet is more than just a money transfer service: once there is money in the eWallet, users can buy prepaid airtime & electricity, send money to another cellphone, pay from the eWallet to a bank account, buy Moola on MXIT and get cash from any FNB ATM,‚” adds Van Wyk.

All these factors have contributed to FNB eWallet emerging as the largest mobile money solution in South Africa, according to research conducted by World Wide Worx.

Consistent enhancements to the service and strategic partnerships with popular social platforms and retailers have created a fresh, reliable and safe alternative to conventional banking.

A further advantage of FNB eWallet is that the recipient’s first withdrawal is free and there’s no pricing discrimination based on which cellphone network the user belongs to.

FNB eWallet is available to anyone with a valid cellphone number in South Africa and they can get cash anytime even when banks are closed.

‚”We will continue to enhance the convenience and functionality of eWallet and therefore expect that this significant growth will continue,‚” concludes van Wyk.

eWallet is also available in Botswana, Swaziland, Lesotho, Zambia and Namibia.

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