South Africa bank sees increase in digital cash transit

0
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
Spining

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across rural areas, townships, and/or urban communities based on the geographical location of our ATMs where money is withdrawn,” said Potwana.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

Send your news stories to newsghana101@gmail.com and via WhatsApp on +233 244244807 Follow News Ghana on Google News Aviator

LEAVE A REPLY

Please enter your comment!
Please enter your name here