South Africa’s First National Bank (FNB) said on Tuesday that it recorded 56 billion eWallet transactions with some 31 billion rand (2.1 billion USD) transacted in 2021.
The eWallet is used by FNB clients to send cash to someone with no bank account. The receiver will get a texting message on the phone and can withdraw cash from ATM.
“Prior to the introduction of eWallet, the primary method of sending and receiving cash for people without a bank account was to pay someone to physically transport it across the country. On the other hand, eWallet has created a secure and instant method for individuals and families to send and receive money,” said FNB Entry Market CEO Philani Potwana.
“We can clearly see the enormously positive impact of eWallet across rural areas, townships, and/or urban communities based on the geographical location of our ATMs where money is withdrawn,” said Potwana.
FNB Retail CEO Raj Makanjee said features of eWallet such as simplicity, convenience, and security are also attracting users who do not have a bank account, as they can see that this is the most efficient way to send and receive money.
“This demonstrates the effectiveness of our digital platform innovations to help customers better manage their money,” he added. Enditem
