Mobile money might not have worked out exactly as planned for mobile operator MTN, but First National Bank (FNB) is adding more users to its mobile money solution every month.
According to the bank’s estimates, 4.2 million new eWallets were created over the last 12 months – which translates to a rate of about 350 000 new eWallets per month.
“Over the years, we have seen eWallet become part of the South African vocabulary as many citizens see it as a convenient and cost effective way to send or receive money. This is one of the reasons we continue to grow the number of withdrawal points to enable broader financial inclusion through easy access,” says Sandi Madikiza, CEO of FNB eWallet Solutions.
Speaking of which, it noted that more people are making use of the eWallet cash withdrawal functionality than ever before. The bank has added about 1 200 Slimlines ATMs across the country, which people can use to print a withdrawal slip – which in turn is used in retailers to purchase goods.
“Instead of taking a taxi or driving to the nearest ATM, which may be in a shopping mall or the nearest city, users can now walk to, and withdraw at their community retailer which has a Slimline,” Madikiza said.
The bank added that because it has seen a 47% increase in the use of these ATMs, it is in the process of adding at least 600 new withdrawal points through partnerships with major retail chains across the country.