Rise in the number of women using eWallet

File picture: Nokuthula Mbatha/ANA Pictures

File picture: Nokuthula Mbatha/ANA Pictures

Published Aug 17, 2017

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Johannesburg - First National Bank (FNB) on Wednesday revealed that women

are catching up to men when it comes to cashing in on the convenience of

sending and receiving money via eWallet on the FNB App.

The latest data revealed by FNB eWallet Solutions shows that

in the six months to June 2017 the percentage eWallet sends by male users on

the FNB App stabilised at 62% while sends by female counterparts increased to

38%.

Sandi Madikiza, CEO of eWallet Solutions said while the gap

is still relatively large, they continue to see a steady rise in the number of

women who are making use of eWallet on the FNB App to send and receive money.

“The gap in eWallet sends between female and male could be

influenced by a number of social and economic dynamics, however closing it is

very important for financial inclusion.

We expect the increasing adoption of smart technology to

play an important role in closing some of these gaps, which to some degree

serve as an indicator of where we are in terms of financial inclusion.”

“As more people migrate to digital platforms to conduct

their day to day banking and general lifestyle management, it’s only a matter

of time before we see a major shift in how people send and receive money. The

convenience of accessing a solution like eWallet via an App is absolutely

critical,” he said.

In South

Africa, the cost of data has been one of the

barriers to rapid digital migration and the fact that major banks are zero

rating their apps is a massive boost for consumers.

FNB recently announced its move to zero rate its banking app

across all major networks, stating that data should not be a barrier to

convenient and safe banking.

“The future is mobile,” said Madikiza. “The manner in which

people manage and move money will be heavily influenced by the technology they

have at their disposal.

While channels such as branch banking are still important to

many consumers who want the assurance of human interaction, we expect many more

to start showing greater appreciation for the benefits of safer and convenient

channels such as accessing eWallet through the FNB App,” he said.

 - BUSINESS REPORT ONLINE 

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