FNB leads SA mobile phone banking
New research finds that First National Bank (FNB) has the largest market share for cellphone banking in the country.
The All Media and Products Survey (AMPS) conducted by the South African Advertising Research Foundation shows that FNB’s Cellphone Banking market share amounts to 33%.
In the last three years the number of registered FNB Cellphone Banking customers has grown exponentially, and the average monthly transaction value processed on the channel exceeds R2 billion. The service attracts a diverse market of techno savvy and ordinary cellphone users.
Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions said: “Cellphone Banking remains at the forefront of innovative banking and has found its adopters mainly amongst young people under the ages of 40.”
The AMPS survey shows that FNB has the highest proportion of Cellphone Banking users between the ages of 19 to 40 years, with 75% of users in this age group. This indicates its popularity among younger consumers. 2% of consumers are under 18, with 20% of Cellphone Banking users being between the ages of 41 to 60 years and 3% are over 61 years old.
The range of services offered to FNB Cellphone Banking users has grown exponentially since the service was first launched in 2005, with recent innovations namely, FNB Vouchers via facebook that are created using Cellphone Banking and shared via Facebook, Cardless Cash Withdrawal facility – which allows FNB customers to withdraw money from a FNB ATM without the need of a bank card using only their cellphone and Pay2Cell which is a facility that enables FNB customers to pay another FNB customer without having to know the account details of the customer but only their cellphone number.
“Our aim is to enhance our products and ensure that our innovative banking solutions complement our consumers’ lifestyles,” said Ramlakan.
FNB currently offers its Cellphone Banking service in South Africa and to five other countries, which include Botswana, Lesotho, Swaziland, Zambia and Namibia.
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