FNB eWallet reaches landmark

FNB announced today (3 April 2012) that more than one million FNB eWallets have been created – with more than R1.6 billion paid into them since 2009.

The FNB eWallet allows people to send money to anyone in South Africa with a valid cellphone number. Funds are transferred instantly and the recipient receives an SMS indicating that funds have been sent to their cellphone.

Recipients are able to withdraw cash at FNB ATMs, buy pre-paid airtime or electricity, send money to another cellphone, purchase and/or get cash at selected retailers as well as make once off payments.

“We have seen year-on-year eWallet growth of 143% since January 2011,” said FNB’s CEO of eWallet Solutions, Yolande van Wyk.

“Average daily Send values are in excess of R3 million – double the figures we saw a year ago. We believe the growth of eWallet illustrates the important role it plays in providing access to financial services.”

The majority of the funds sent to eWallets originate from metropolitan hubs, and are then accessed across the country, often in small towns.

FNB noted that 61% of funds are sent to provinces other than the one where the user resides.