FNB says it continues to see signs of a rebound in consumer-to-consumer economic activity, demonstrated though a significant increase of over 15% in the value of money sent via its renowned eWallet service during the previous financial year, rising from R33.7 billion to an impressive R38.9 billion.
In addition to the increase in the monetary value, FNB also recorded a notable 10% increase in the volume of eWallets sent over the same period, growing from 59.5 million eWallets to an impressive 65.5 million eWallets in 12 months.
Sustained eWallet Usage
Lytania Johnson, CEO of FNB’s Personal Segment, which includes entry-to-middle-income customers, says the sustained growth in eWallet usage reflects the unwavering trust and loyalty of those who continue to choose eWallet as their preferred way to send or receive money. She points out that the R600 average value of money sent via eWallet further affirms the important gap the solution continues to play as one of the options available to customers for low-value payments.
“The growth in eWallet transactions is also testament to the impact we are making in the lives of South Africans through solutions that are easily accessible, helpful for their daily lives, and available through our safer digital channels.
Empowering Consumers to Promote Financial Inclusion
“We are proud to continue witnessing the popularity of this digital innovation to empower consumers by transcending geographical barriers to promote financial inclusion. The way we’ve designed eWallet is to ensure that people are not excluded from financial activity simply because they don’t have a bank account. More importantly, the sender funds the transaction so that the recipient can receive their money in full,” says Johnson.
She further explains that “we can clearly see the enormously positive impact of eWallet across rural areas, townships, and urban communities based on the geographical location where some of the withdrawals take place.
Over the years, we’ve supported this consumer-led economic activity by providing our qualifying individual customers with a limited number of free eWallet transactions per month.”
FNB Easy Zero
FNB expanded its offerings for its Entry customers several years ago with the introduction of the FNB Easy Zero bank account, building on the success of eWallet. With that in mind, consumers can select the best and most cost-effective choices for their specific financial needs.
Easy Zero is a low-cost transactional bank account designed for individuals with irregular income that falls within the account’s limits. Users of Easy Zero do not pay a monthly account fee, and the account can be opened using cellphone banking (USSD).
Rated Best Consumer Digital Bank in Africa
FNB has received many awards in recent months for its commitment to digital innovation and providing value to customers. In the 2022/2023 Ask Afrika Icon Brands Benchmark Survey, eWallet was named an Icon Brand and a category winner in the Money Transfers Category.
According to Kantar BrandZ, it is currently South Africa’s Most Valuable Brand, and Global Finance rated it the Best Consumer Digital Bank on the continent. Furthermore, the eBucks Rewards programme received seven awards at the SA Loyalty Awards for its impact on consumers.
