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FNB sees significant growth in mobile banking

September 11, 2019 • Finance, Southern Africa

FNB improves access to mobile banking

FNB improves access to mobile banking. (Image source: Sowetan Live.)

“The record volumes and value of money sent by consumers using eWallet is a great testament of how simple, convenient and secure the offering is,” says Dr Christoph Nieuwoudt, FNB Consumer CEO, at the announcement of FNB’s record eWallet data.

Access to banking services is improving, according to the company, with volumes of money sent via eWallet growing 19 per cent to 46 million by end of June 2019. The total value transmitted was over $1.7 billion for the year with regular recipients continuing to grow.

“Customers are constantly seeking instant gratification with ease of sending money and eWallet is proving to be the solution for this need,” continues Nieuwoudt.

“We believe that the rise in mobile penetration, coupled with increased access to smart technology, is enabling customers to become amenable to platform-based banking. The growing interactions across our platform reflect consumer appetite for safe and convenient solutions.”

The eWallet is not the only FNB service showing significant growth – its mobile digital account, eWallet eXtra has accumulated a total of 140 000 active customers to date. eWallet eXtra is said to be a zero monthly fee digital account that protects customers against unauthorised debit thanks to its zero debit order feature.

“The success of eWallet eXtra shows that anyone who owns a mobile phone can be banked in minutes without having to visit a branch. This showcases our ability to adapt to the ever-changing consumer landscape to cater to the needs of customers through platform innovation.”

“The positive performance by eWallet and eWallet eXtra is a great motivation to continue to partner with our customers and provide solutions that resonate with them at every life stage they are in,” concludes Nieuwoudt.

Edited by Jenna Cook

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