FNB eWallet milestone
In the past year, FNB‘s eWallet has seen over R1.6 billion in transactions from the 1.7 million accounts created in South Africa.
FNB’s eWallet launched in 2009 and has extended its functionality from simple person-to-person funds transfer, to a broader range of transactions.
With 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.
FNB also announced that both FNB and non–FNB customers can now deposit cash into eWallet using the FNB ATMs with automated deposits.
This service was previously only available to FNB customers.
“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,” FNB said.
The eWallet is also available in Botswana, Swaziland, Lesotho, Zambia and Namibia.
Making money mobile
Mobile banking and commerce platforms are in focus in South Africa, with the recent launch of Mxit money, and a mobile-only banking service from MTN and the South African Bank of Athens.
This marks entry into the mobile commerce market from other sectors, beyond financial institutions.
MTN’s offering, Mobile Money, enables customers to make payments from their mobile phones and transfer funds to other users easily with their money account.
The network operator’s offering is available to customers from any cellular network, with transaction fees applicable to certain services for non-MTN customers.
In August, social network Mxit partnered with Standard Bank and later with FNB for Mxit Money – the company’s eWallet offering.
The platform allows for Mxit Money users to transact with their eWallet accounts, as well as buy Mxit Moola, airtime and electricity.
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