FNB's mobile money solutions post huge growth across Africa.

By bne IntelliNews February 17, 2012
South Africa's First National Bank (FNB), a unit of FirstRand Ltd, recorded a huge growth of its mobile banking services in African countries outside its domestic market, BusinessLive reported. The bank saw a 150% annual transaction growth for its cellphone banking service and 1,384% rise for its eWallet service in December 2011. FNBs customers made in December 2.4 million cellphone banking transactions in Botswana, Namibia, Zambia, Swaziland and Lesotho, to the value of ZAR 214mn (EUR 21mn), compared to 986,000 transactions in December 2010. In Botswana, which is FNBs leading market outside South Africa in terms of cellphone banking activity, clients made 1.3 million transactions in December, up 126% y/y. Botswana has 2.3 million cellphone users, according to data by International Telecommunications User (ITU). Namibia recorded an annual growth in cellphone banking transactions of 155%, Zambia 308% and Swaziland 227%. The significant growth of mobile banking in African markets is due to consumers' increasing confidence in their mobile handsets as communication devices, coupled with the convenience the solution offers, according to Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions. Users can conduct a number of transactions using FNB Cellphone Banking, including transferring money between their own FNB accounts, buying prepaid airtime and making third party payments. FNBs newer eWallet service, which allows clients to send money to anyone within the borders of the country, as the recipient does not need to have a bank account, has generated 407,110 original sends in its four African operations - Botswana, Swaziland, Lesotho and Zambia from its launch to the end of December 2011. In Botswana, FNB eWallet, saw an yearly increase in original sends of 1,236% in December 2011. "Simple, convenient and affordable financial services represent the future of banking in Africa," FNB eWallet Solutions CEO Yolande van Wyk was quoted as saying.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    10 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  5. Russia’s war economy boosted by rising oil prices
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    25 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    30 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    23 days ago

Reports

Dismiss