R25bn sent via FNB’s eWallet this year

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 11 Sept 2019

First National Bank (FNB) has processed transactions worth R25 billion via its eWallet service this year.

In a statement, the bank says it continues to improve access to banking services, with volumes of money sent via eWallet growing 19% to 46 million transactions by end of June.

“The record volumes and value of money sent by consumers using eWallet is a great testament of how simple, convenient and secure the offering is. Customers are constantly seeking instant gratification with ease of sending money and eWallet is proving to be the solution for this need,” says Dr Christoph Nieuwoudt, FNB Consumer CEO.

In September last year, FNB’s eWallet surpassed R21 billion in value of money sent, a 41% growth compared to the previous year.

“We believe that the rise in mobile penetration, coupled with increased access to smart technology, is enabling customers to become amenable to platform-based banking. The growing interactions across our platform reflects consumer appetite for safe and convenient solutions,” Nieuwoudt says.

FNB’s mobile digital account, eWallet eXtra, has also shown significant growth, accumulating a total of 140 000 active customers to date, the bank says.

eWallet eXtra is a zero monthly fee digital account which also protects customers against unauthorised debit. No debit orders are allowed on the digital account.

“The success of eWallet eXtra shows that anyone who owns a mobile phone can be banked in minutes without having to visit a branch. This showcases our ability to adapt to the ever-changing consumer landscape to cater for the needs of customers through platform innovation,” Nieuwoudt says.

“The positive performance by eWallet and eWallet eXtra is a great motivation to continue to partner with our customers and provide solutions that resonates with them at every life stage they are in,” Nieuwoudt concludes.