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FNB announces the launch of eWallet eXtra

April 18, 2018 • Finance, Online & Social, Southern Africa

First National Bank (FNB) announced the launch of eWallet eXtra

First National Bank (FNB) announced the launch of eWallet eXtra

On Wednesday, 18 April 2018 First National Bank (FNB) announced the launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South African consumers to use a feature phone or a smartphone to open a bank account without ever walking into a branch.

eWallet eXtra will have no monthly fees and consumers are not required to submit any paperwork, requiring only their name, surname and ID number on a mobile device. The solution will be available by June 2018.

eWallet eXtra users will be able to view their bank account balance and transaction history. Those who use an FNB Connect SIM will be able to access eWallet eXtra for free as they do not need airtime. Full control and safety are also key features of eWallet eXtra and the first layer of security allows users to generate a PIN code to access their account. To safeguard customers, eWallet eXtra will not carry debit order functionality.

FNB says the success of eWallet eXtra will be due to its ability to address the gaps that the bank has identified in its analysis of entry-level bank accounts and its popular eWallet remittance service.

“We believe that eWallet eXtra is the ideal solution to address this important gap and based on the analysis of our customer base and research on financial inclusion, we estimate the size of this market to be in excess of 11 million,” says Gugu Zikhali, FNB Head of Transaction Products: Mass Market.

Woodhatch points out that digital adoption is the main solution to addressing the gaps in financial inclusion. “66% of regular eWallet users leverage digital platforms and mobile devices remain critical in extending banking services to unbanked and underbanked populations. Digital gives customers full access to their money and puts them in control,” Woodhatch concludes.

However social media users have had different views to the new launch.

Edited by Neo Sesinye
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