Subscribe

FNB opens eWallet to the unbanked

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 24 Jan 2012

First National Bank (FNB) and South African retail giant Pep have partnered to extend the bank's eWallet money transfer solution available to all consumers, regardless of whether or not they have a bank account.

FNB says the joint initiative means that all consumers will be able to use their cellphones to shop and do banking via the eWallet solution, available at Pep stores throughout SA.

CEO of FNB Michael Jordaan says the partnership is a milestone for the bank. “With this partnership, we are extending banking services to all South Africans, with or without a bank account [and enabling] them to send and receive money instantly.”

Jordaan says this most recent development takes the eWallet solution to an additional 1 200 outlets.

“Today, any South African consumer with a bar-coded South African ID can deposit money, send money, withdraw money, make payments and purchase goods at any Pep store in the country.”

CEO of FNB eWallet Solutions Yolande Van Wyk says since the launch of eWallet in 2009, more than 700 000 eWallets have been created. “On a monthly basis, an average of 50 000 new eWallets are created.”

She says the move is a step towards ensuring that all citizens are able to participate in the economic development of SA.

Banking tech hits mass market

Share