Absa is the first South African bank to register its one-millionth cellphone banking client, according to the bank.
The reason for this is the convenience of the mobile channel, which continues to drive rapid adoption rates, Absa notes.
“For some clients, it is a convenient substitute for other methods of banking when travelling around; and for others - particularly those living in more remote areas - it is their primary method of accessing their banking service,” says Christo Vrey, managing executive of Absa Digital Channels.
From observing the registration and usage numbers, Vrey believes 2009 will be the year in which cellphone banking develops serious traction in the market. “It is poised to overtake the number of Absa Internet banking clients this year,” he adds.
Absa's cellphone banking services, it says, are provided across three different technological platforms: secure SMS, mobile WAP Internet and USSD, which it believes caters for all its different customer segment needs.
The most popular types of cellphone banking transactions are balance enquiries, mini-statements and prepaid top-ups, concludes Vrey.
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