Absa is promoting its cellphone-banking by waiving related charges for six months until 31 March and has persuaded network operator Vodacom to drop SMS fees for three months.
The launch comes a month after MTN and Standard Bank joined forces on a mobile phone banking service.
SA has more Internet banking clients than cellphone banking clients, despite there only being about 1.4 million home Internet users and 18 million cellphone users. Absa says it has about 400 000 Internet banking customers and 70 000 cellphone banking clients.
"We want to spread the good news of convenience banking to all our customers, particularly to those in the traditionally under-banked areas," says Jaco Grobler, managing executive of Absa delivery channel services.
Free cellphone banking allows Absa customers to check account balances, view mini statements, top up prepaid airtime, make payments, do inter-account transfers, request fax and e-mail statements, and send proof of payments.
"We hear stories of people in rural areas travelling miles to the nearest ATM or branch just to get an account balance or to check if a payment has been made," says Grobler.
He says the system is extremely easy to use.
"Our offering is a step-by-step menu-driven service, which is aligned to existing cellphone menus. In other words, the look and feel of Absa`s cellphone banking menu is similar to those already on the handset."
Because the demographic profile of cellphone users cuts across economic and social groupings, it is a channel that can deliver banking services to the previously unbanked portion of society, says Absa.
"Everyone from the baker to the CEO has a cellphone. You don`t need access to a landline, Internet, ATM or branch to make payments or check your financial details. Our free offer is our way of encouraging people to use their cellphones as a bank," says Grobler.
Related story:
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