FNB has reported massive growth for its mobile eWallet, which is now used by 2.5 million people all over Africa.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
FNB noted that growth and uptake of the eWallet in Namibia and Botswana, in particular, had exceeded expectations.<\/p>\n
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.<\/p>\n
\u201cThe 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,\u201d Van Wyk said.<\/p>\n
According to the Mobility 2012 report by World Wide Worx, 51% of the mobile money users in South Africa were FNB eWallet users.<\/p>\n
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