FNB has reported massive growth for its mobile eWallet, which is now used by 2.5 million people all over Africa.
Mobile money involves the use of a cellphone to transfer funds between people and bank accounts, to deposit or withdraw money, to pay bills or to buy services such as airtime and electricity.
According to FNB, the bank’s eWallet service saw growth of 119% year-on-year across its African operations, with an 85% increase in total users to 2.5 million.
Yolande van Wyk, FNB CEO of eWallet solutions said that over R3.2 billion had been sent into eWallets across all countreis where the service had been launched – including South Africa, Botswana, Namibia, Swaziland, Lesotho and Zambia.
FNB noted that growth and uptake of the eWallet in Namibia and Botswana, in particular, had exceeded expectations.
In South Africa there are no discernible corridors as eWallet users tend to send money within a region or province, with Gauteng being the predominant province from which people are sending and receiving money.
“The success of eWallet in South Africa as well as our African operations has proven that there is a pervasive need to send money easily and instantly through a network agnostic mobile money solution,” Van Wyk said.
According to the Mobility 2012 report by World Wide Worx, 51% of the mobile money users in South Africa were FNB eWallet users.