FNB eWallet: R28bn sent in 12 months via 7.3-million eWallets
Recipients don’t pay any fees to withdraw money, and clients use one platform for the entire process
FNB eWallet remains the most popular way for consumers to send and receive money. In the past 12 months, customers have sent R28bn via 7.3-million active eWallets. FNB facilitates about R2.5bn and more than 4-million eWallet transactions a month.
Raj Makanjee, the CEO of FNB Retail and Private Banking, says eWallet is a success story of financial inclusion as it allows customers to send money to anyone with a cellphone number. In the past two years, more customers, including Easy Smart account holders, can send two free eWallets a month.
Recipients are not charged any fees to withdraw the funds. While other third-party “send money” solutions require going to a different platform to fund the wallet, our customers use the single, trusted digital platform to complete the entire process, he says.
Zibu Nqala, the CEO of FNB Entry Wallet, says FNB has also witnessed a growing trend of eWallet users who upgrade to entry-level bank accounts such as FNB Easy Zero, which has no monthly account fee.
“From March 2021, there was a 130% year-on-year increase in customers who upgraded from eWallet to send money to FNB Easy Zero. Easy Zero account holders get a free debit card, card swipes, and cash deposits up to R1,500 a month, and are not charged a fee when buying airtime/data on FNB’s banking channels.
“Customers also get free unlimited Cash@Till withdrawals at retailers such as Shoprite, Checkers, Pick n Pay, Boxer and selected Spar stores. The FNB app is also zero-rated, which means users don’t need data to access services.”
Says Makanjee: “We designed Easy Zero as a store of value for customers with limited banking needs. Easy Pay-As-You-Use and Easy Smart accounts also offer benefits to our entry banking customers. The growing appeal of our propositions attests to our ability to solve for customers’ needs at every life stage. As customers move up our retail continuum, bundled accounts offer more value through a combination of eBucks, the best rewards in banking, and a range of specialised money management services.”
This article was paid for by FNB.
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