The past 18 months have proved fruitful for FNB, and its eWallet solution.
More specifically the bank recently revealed that eWallet saw a 41 percent growth in money being sent via its platform from June 2017 to June 2018, with an estimated R21 billion the final figure.
Detailing more information about its recent success, FNB adds that the sent money came from 6.1 million active users, two million of which have been regulars on the eWallet platform.
As such it looks like FNB has been able to effectively target the large segment of South Africans that have been unbanked to date.
“Our analysis of regular eWallet users has shown that there’s still a gap in the market when it comes to solving the banking needs of unbanked and underbanked consumers. While traditional bank accounts are very important for people with debit orders and a range of other complex needs, simpler solutions are vital for consumers who have minimal transactional requirements,” notes Pieter Woodhatch, CEO of FNB Easy sub-segment (pictured above).
The financial institution is aiming to garner even greater numbers between now and June 2019, with the recent availability of its eWallet eXtra mobile bank account opening up more opportunities for consumers.
“While smartphone penetration continues to grow, the reality is that any efforts to broaden financial inclusion have to enable consumers who use feature phones. This is why we believe that the flexibility of a mobile bank account like eWallet eXtra is vital,” adds Woodhatch.
With more consumers turning to mobile devices to facilitate their banking needs, it’s clear that FNB has found a way to leverage digital.