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FNB customers send over R25bn in eWallet funds in last 12 months

FNB customers sent over R25bn in eWallet funds in last 12 months. File Photo: IOL

FNB customers sent over R25bn in eWallet funds in last 12 months. File Photo: IOL

Published Sep 11, 2019


DURBAN – FNB continues to improve access to banking services, with volumes of money sent via eWallet growing 19 percent to 46 million by end of June 2019. 

The total value transmitted was over R25bn for the year with regular recipients continuing to grow.

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FNB Consumer chief executive, Dr Christoph Nieuwoudt said the record volumes and value of money sent by consumers using eWallet was a great testament of how simple, convenient and secure the offering was. Customers are constantly seeking instant gratification with ease of sending money and eWallet was proving to be the solution for this need.

"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 reflects consumer appetite for safe and conveniently solutions," said Nieuwoudt.

FNB’s mobile digital account, eWallet eXtra, has also shown significant growth accumulating a total of 140 000 active customers to date. eWallet eXtra is a zero monthly fee digital account which also protects customers against unauthorised debit. 

No debit orders are allowed on the digital account.

Nieuwoudt said: "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 for 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 resonates with them at every life stage they are in."

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