Digital banking solutions are becoming rather popular here in South Africa but FNB’s eWallet remains resilient as a solution for customers who don’t have or can’t afford a bank account.
The service now facilitates and average of four million transactions per month that amount to and average of R2.5 billion per month.
“In the last two years, we’ve enabled more customers to enjoy the benefit of sending money via eWallet by allowing even more customers, including Easy Smart accountholders 2 free eWallet sends per month,” explains chief executive officer at FNB Retail and Private Banking, Raj Makanjee.
“Recipients are not charged any fees to withdraw the funds, which makes this a logical solution to send or receive money. In contrast to third-party send money solutions which require going to a different platform to fund the wallet, our customers use our single trusted digital platform to complete the entire process,” adds Makanjee.
Of interest however is the fact that FNB has seen an increasing number of eWallet customers upgrading to FNB Easy Zero.
As at March 2021 FNB says that, year on year, FNB Easy Zero account holders and transactions to the account type have increased 130 percent.
“We designed Easy Zero as a store of value for customers with limited banking needs. We also have our Easy Pay-As-You-Use and Easy Smart accounts which offer several 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,” says Makanjee.
We are curious to see how eWallet and FNB Easy Zero grow what with the aforementioned digital banking solutions in play especially with those solutions offering benefits such as no fees for withdrawals and payments.
It’s good to see eWallet is still of value to South Africans and that FNB keeps adapting its product to meet the needs of customers.