First National Bank`s offer of three months of free cellphone banking is paying off for the bank, as it moves to make the channel available to all its customers.
The bank says that the number of new registrations has increased 22%, while transaction volumes were up 57% and values up 31%.
Since FNB launched cellphone banking in March last year, the bank has recorded 2.5 million transactions worth R275 million.
Len Pienaar, CEO of FNB Mobile and Transact Solutions, says cellphone banking is a key component of the bank`s strategy to provide banking services to previously unbanked individuals.
"A further spin-off is the convenience and substantial cost-saving opportunities offered by cellphone banking," he adds.
"Our focus is on making cellphone banking available to all our customers, using our competitive strength of providing the service on any cellphone and on any network operator."
Related stories:
Cellphone banking matures
FNB expands cellphone banking
FNB enhances cellphone banking
FNB offers cellphone banking
Share