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FNB pays out R11.8 billion to property buyers using nav» Home in its banking APP

Published Sep 18, 2019


CAPE TOWN – FNB has facilitated R11.8 billion in payouts to property buyers using nav» Home in its banking APP. 

Since launching nav» Home in 2016, about 10 000 families have been placed in homes through the seamless functionality.

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Mobile banking is a service provided by a financial institution that lets its customers conduct financial transactions remotely using a mobile device such as a Smartphone or Tablet. The purpose of an app is to allow you to serve yourself and do your banking using your smartphone or tablet. 

Apps boast a host of features, from calculators to work out vehicle repayments, home loan repayments and home loan affordability.

Chief executive of FNB Retail, Raj Makanjee said buying a home was the single biggest investment and financial commitment that most individuals and families will make, and the aim was to make this a worthwhile family experience. 

“The nav» (‘navigating life’) functionality is one of several interfaces we are using as part of our growing focus on being an integrated financial services provider and a trusted money manager that helps customers with tools to better their lives,” said Makanjee.

Nedbank also announced earlier this year that it had added new features in the Nedbank MoneyApp. These new features include a digital virtual personal assistant called HeyNed and a new Home-Buying Toolkit that allows users to buy or sell their homes on the app.

A study earlier this year suggests cash costs South Africans around R23-billion annually. 

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In a world where the trend is increasingly to go cashless, with countries like India already having fully cashless villages, how does South Africa fair? 

A Twitter poll, conducted by Capitec as part of its #GoCashlessChallenge, found that 35 percent of South Africans could picture themselves transacting purely digitally, while a further 10 percent said ‘maybe’. 

Users are, however, urged to practice caution when installing apps as a set of fake banking apps found its way onto the Google Play store, according to an internet security product provider, and many people appeared to have uploaded them before they were taken down.

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Eset, based in Slovakia, with an office in Cape Town, said the malicious apps claim to increase the credit card limit for users of three Indian banks and then phish for credit card and internet banking details using bogus forms.

The fake apps were uploaded to Google Play in June and July this year. 

When Eset notified Google they were taken down, but by then they had been installed by hundreds of people.

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