First National Bank (FNB) has enhanced its presence in the mobile money space, in a bid to make banking more accessible to the unbanked.
FNB announced two enhancements to its eWallet solution yesterday, citing the objective of financial inclusion as its impetus. Users of the mobile payment service can now pay money from an eWallet directly into a bank account, as well as pay bills via the service using any GSM cellphone.
This follows a week after the bank unlocked withdrawal restrictions on its e-commerce service, FNB PayPal, allowing South Africans to withdraw funds from a PayPal account to transfer to any South African bank account.
eWallet Solutions CEO Yolande van Wyk says when eWallet was created, users were restricted to sending money to another cellphone only. “[Now] eWallet users can pay funds directly into an individual's bank account at any of the major South African banks, or make a payment to one of our pre-loaded beneficiaries.”
FNB eWallet lists 10 pre-loaded beneficiaries, including municipalities, Edgars, MultiChoice and Jet.
Van Wyk says the ability to transfer money directly into a recipient's bank account or pay a bill without having to “leave home” marks a significant step towards making banking accessible to the previously unbanked.
In addition, the eWallet can now hold a maximum balance of R3 000, an increase from R1 000.
“At the time of being launched, eWallet customers could transfer a maximum of R1 000 per day to another person using the eWallet. This maximum was recently also increased, to R1 500 per day,” adds Van Wyk.
Introduced as a mobile money tool in 2009, eWallet facilitates the sending of money between individuals, regardless of whether the recipient has a bank account. Money received via a cellphone can be accessed at any FNB ATM and can also be used for the purchase of prepaid airtime, or to send money to another individual.
eWallet uptake
Head of marketing for FNB eWallet Solutions Faku Qhu says the service has seen extensive uptake since its inception two years ago.
“To date, we have seen over R1 billion going through the system and over 700 000 eWallets created.”
Qhu says month-on-month, eWallet continues to see significant numbers and steady growth.
To make a payment from an eWallet to a bank account, users need to dial *120*277#, and select “once-off payment”.
Share