JOHANNESBURG – FNB’s eWallet offering saw a 41 percent surge in payments totalling R21 billion in the year to June.
The lender said the sends were generated from 6.1 million active wallets of which nearly 2 million are regular users.
Pieter Woodhatch, chief executive of FNB Easy sub-segment, said while traditional bank accounts are very important for people with debit orders and a range of other complex needs, simpler solutions are vital for consumers who have minimal transactional requirements.
“Our analysis of regular eWallet users has shown that there’s still a gap in the market when it comes to solving the banking needs of unbanked and underbanked consumers,” says Woodhacth.
The bank has also augmented its eWallet offering by creating an eWallet eXtra, a mobile bank account that provides a daily limit spend of up to R3 000 and a monthly limit of R24,000 and debit orders are not allowed on the account.
“Digital is key to solving the needs of customers who may be financially excluded due to limited infrastructure, among other reasons. We’ve seen this through the success of eWallet and anticipate the trend to continue with eWallet eXtra,” says Woodhatch.
– BUSINESS REPORT