In the midst of a global pandemic which has put strain on household incomes, FNB eWallet remains the most popular way for consumers to send and receive money.
In the last 12 months, the Bank’s customers have sent R28 billion via 7.3 million active eWallets. On average, FNB facilitates close to R2.5 billion and over 4 million eWallet transactions per month.
Raj Makanjee, CEO of FNB Retail and Private Banking says eWallet is a success story of meaningful financial inclusion as a it allows the Bank’s customers to send money to anyone with a cellphone number. 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 account holders 2 free eWallet sends per month.
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, he says.
According to Zibu Nqala, CEO of FNB Entry Wallet, FNB has also witnessed a growing trend of eWallet users who upgrade to entry-level bank accounts like FNB Easy Zero which has no monthly account fee.
“Easy Zero account holders get a free debit card, free card swipes, free cash deposits up to R1 500 per month, and are not charged a fee when buying airtime/data via 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 do not require data to access services,” says Nqala.
“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. As customers move up our Retail continuum, bundled accounts offer much more value through a combination of eBucks, the best rewards in banking, and a range of specialised money management services,” concludes Makanjee.
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