FNB says that more than R10 billion has been sent to recipients via its mobile eWallet solution in South Africa since its inception in 2009.
The financial services group said that 53%, or R5.3 billion, of the R10 billion was sent in the last year alone (May 2013 to April 2014).
“eWallet continues to experience high growth rates, with an increase of 95% in the value sent, year-on-year,” FNB said.
“We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country. A challenge easily solved with FNB’s eWallet solution,” said Yolande Steyn, CEO of eWallet Solutions at FNB.
FNB’s eWallet consumer service accounts for the majority of sends, R8.7 billion, while the bank’s newer business solution, eWallet Pro – which allows businesses to pay the unbanked through their cell number or a prepaid card – is starting to show significant growth.
eWallet Pro has proven popular in the construction, healthcare, insurance, education and agriculture industries, the bank said.
eWallet enables the wallet holder to perform a variety of transactions including purchasing prepaid airtime, data and electricity, sending money to another cellphone, paying bills and purchasing at selected retailers.
eWallet Pro is an enterprise solution which allows FNB Business customers to make electronic payments to customers and employees instantaneously. The solution allows for once-off or repeat payments to the recipient’s cellphone number or prepaid card.
Gauteng eWallet users send and receive the lion’s share of mobile money in the country with a 46% share, followed by Kwa-Zulu Natal at 14% and the Eastern Cape at 11%.
“We are constantly working on enhancing the eWallet service, it is now available on the FNB App and we have added many features to ensure that it is simple and convenient.”
“We cater for the needs of a broad spectrum of eWallet users, from those with a basic cellphone who only use it to make and receive calls to the techno-savvy eWallet users who access the FNB App to make calls and perform GeoPayments,” said Steyn.