South African consumers will now be able to use their cellphones to shop and do banking – even if they don’t have a bank account.
This is as a result of a partnership between First National Bank and retail store PEP which makes the bank’s eWallet money transfer solution available at PEP stores countrywide.
CEO of FNB, Michael Jordaan says that the partnership is a milestone for the bank in its efforts to use innovation and technology to make banking available to South African consumers.
“With this partnership we are further extending banking services to all South Africans, with or without a bank account. This will enable them to send and receive money instantly, a simple yet safe solution in providing access to financial services”.
“FNB eWallet is a market leading FNB Innovation and this initiative takes our product to an additional 1 200 new outlets,” adds Jordaan.
Today any South African consumer with a bar-coded South African ID can deposit money, send money, withdraw money, make payments and purchase goods at any PEP store in the country.
“Previously only FNB customers were able to use eWallet, with this new initiative in partnership with PEP stores across the country enabled, all consumers now can have access to FNB’s eWallet via their cellphones,” says Yolande Van Wyk, CEO FNB eWallet Solutions.
“We are constantly looking for ways to improve on our service and delivery channels. We have seen the importance of innovation and breaking from the norm to differentiate ourselves from our peers,” she notes.
Since its launch in 2009, more than 700,000 eWallets have been created. On a monthly basis an average of 50 000 new eWallets are created.
“We are truly excited about this partnership. FNB eWallet is changing the banking industry and this is evidence that we can do so much more to include all South Africans in financial services. This will ensure that those who previously didn’t have access to banking services can participate in the economic development of our country,” concludes Yolande Van Wyk, CEO FNB eWallet Solutions.