What can you buy with R10-billion? The amount seems too large for one person to spend in their lifetime, yet that is the exact amount that has been changing hands through FNB’s eWallet in South Africa since 2009.
There is no doubt that mobile money is one of the fastest growing industries in Africa, with millions in foreign currency being shuffled around the continent. And as the number show, it is only gaining more traction.
The bank revealed that 53% (R5.3 billion) of the total amount was sent through the system last year alone, and said that they have experienced a 95% increase in value year-on-year.
“We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country. A challenge easily solved with FNB’s eWallet solution,” says Yolande Steyn, CEO of eWallet Solutions at FNB.
The bulk of the money being transferred in South Africa comes from the bank’s eWallet consumer service accounts, which account for R8.7-billion. And where is the money being sent from?
“We find that main urban centres tend to have higher usage because of population density and the fact that people use a eWallet for reasons other than sending money home, such as paying friends or purchasing airtime,” adds Steyn.
eWallets are fantastic, as money can be transferred to people who don’t have a FNB account. Users will receive a SMS with a code, and simply go to a FNB ATM to withdraw the money – which is extremely popular in rural areas.
“New banking technologies such as the Slimline ATMs, which replaced the old FNB Mini ATM last year, are helping us reach remote and rural communities as well as encouraging the growth of eWallet.”
Out of interest, R10-billion will buy you:
* About 873-million loaves for brown bread
* About 476-million 250ml milk cartons
* About 250-million McDonald’s Big Mac meals
* About 1.1-million Samsung Galaxy S5 smartphones
* About 33 of the most expensive 4-bedroom apartment in South Africa (Camps Bay)
[Source: FNB]
