eWallet volumes grew by 12% with a positive impact in rural, townships and/or urban areas
22 March 2022: FNB continues to improve access to financial services, with money sent via its industry-leading eWallet solution exceeding R31 billion from 56 million transactions (a 12% increase) in 2021. The bank has an active base of over 7 million eWallets. FNB customers can use eWallet to send money to recipients who do not have a bank account, and the money can be withdrawn from FNB ATMs or selected SPAR stores across the country.
Raj Makanjee, CEO of FNB Retail, says, “The popularity of eWallet indicates that our efforts to provide more South Africans with convenient and cost-effective financial services solutions are gaining traction. More importantly, we’ve increased the value of eWallet by offering qualifying individual customers free eWallet sends, and recipients continue to receive their funds in full at no cost. Features of eWallet such as simplicity, convenience, and security are also attracting users who do not have a bank account, as they can see that this is the most efficient way to send and receive money. This demonstrates the effectiveness of our digital platform innovations to help customers better manage their money.”
According to Philani Potwana, CEO of FNB Entry Market, “Prior to the introduction of eWallet, the primary method of sending and receiving cash for people without a bank account was to pay someone to physically transport it across the country. On the other hand, eWallet has created a secure and instant method for individuals and families to send and receive money.
We can clearly see the enormously positive impact of eWallet across rural areas, townships, and/or urban communities based on the geographical location of our ATMs where money is withdrawn.”
Building on the success of eWallet, FNB expanded services for its Entry customers several years ago with the introduction of the FNB Easy Zero bank account. As a result, customers can choose from the best and most affordable options for their unique financial needs.
Easy Zero is a low-cost transactional bank account that is ideal for people who have irregular income that is within the account’s limits. Easy Zero users do not pay a monthly account fee, and the account can be opened using cellphone banking (USSD). To date, this account has reached an active base of 1 million customers.
To open an Easy Zero bank account, all you need is a person’s full name, surname, and ID number. Easy Zero users can keep money in their bank account to make multiple transactions, and they don’t have to worry about rogue debit orders because debit orders are not permitted.