FNB has announced that for the 12 months through to June 2018, FNB customers have sent a massive R21 billion through their e-Wallets – a 41% jump compared to the previous year.
The bank said that the ‘sends’ were generated from 6.1 million active wallets, of which nearly 2 million are regular users.
This, FNB said, demonstrates the important gap eWallet has filled for consumers who may have found it as an alternative to traditional low-cost bank accounts offered by banks.
“Our analysis of regular eWallet users has shown that there’s still a gap in the market when it comes to solving the banking needs of unbanked and underbanked consumers,” the group said.
“While traditional bank accounts are very important for people with debit orders and a range of other complex needs, simpler solutions are vital for consumers who have minimal transactional requirements.”
The bank launched its ‘upgraded’ eWallet account, eWallet eXtra, earlier this year, which is claims is a completely digital mobile-only banking account. The account carries no monthly fees, and can be opened via mobile phone.
The product was launched to broaden the group’s accessibility to customers who still use feature phones, despite ever-increasing smartphone penetration in the country.
“Digital is key to solving the needs of customers who may be financially excluded due to limited infrastructure, among other reasons. We’ve seen this through the success of eWallet and anticipate the trend to continue with eWallet eXtra,” FNB said.
The mobile bank account provides a daily limit spend of up to R3,000 and a monthly limit of R24,000, and debit orders are not allowed on the account.