FNB points to strong mobile banking growth

FNB has revealed that consumers have sent over R12.8 billion worth of eWallet funds from 22 million eWallet transactions processed between July and December 2018. This is a 25% year on year increase in the value of funds that consumers have sent via eWallet, it said.

In addition, the bank said its eWallet eXtra mobile bank account is also gaining momentum after amassing over 120 000 customers in less than six months after its official launch to customers in the second half of 2018.

Transaction volumes on eWallet eXtra surpassed 680,000 by December 2018.

Chief executive of FNB Consumer, Dr Christoph Nieuwoudt said the growing take up of eWallet and eWallet eXtra reflects consumers’ appetite for more efficient means of banking.

“eWallet remains the best solution in the market for consumers who simply want to send and receive funds. However, our relatively new eWallet eXtra mobile bank account which can be taken up using any cellphone, offers consumers the ability to hold a digital account without paying the traditional account fee.

“More importantly, eWallet eXtra allows users to perform several functions including buying airtime, data bundles, electricity and goods at selected SPAR stores directly from their cellphone without a card,” he said.

In an increasingly competitive market for more efficient banking solutions, FNB is better positioned to compete, said Nieuwoudt.


Read: FirstRand boosted by FNB earnings

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FNB points to strong mobile banking growth