FNB mobile money takes off in Africa
VALUE ADDED SERVICES| Feb. 17, 2012, 11:17 a.m.
FNB says its mobile banking services are taking off in Africa, with a 150% jump in transaction growth for its Cellphone Banking service and 1384% growth for eWallet for the month of December 2011 when compared to the previous December.
The bank's customers conducted 2.4 million cellphone banking transactions during December 2011 in Botswana, Namibia, Zambia, Swaziland and Lesotho, to the value of R214 million as compared to R986 000 transactions in December 2010.
Botswana, the bank's leading subsidiary outside South Africa in terms of Cellphone Banking activity, saw just over 1.3 million transactions and in the same month, a 126% increase year-on-year.Namibia recorded year-on-year growth of 155%, Zambia 308% and Swaziland 227%.
Ravesh Ramlakan, CEO FNB Cellphone Banking Solutions, says the growth of the service in African markets is due to consumers' increasing confidence in their mobile handsets as communication devices, coupled with the convenience the solution offers.
Since inception, FNB eWallet has generated 407 110 original sends in its four African Operations (Botswana, Swaziland, Lesotho and Zambia) as at the end of December 2011. In Botswana FNB eWallet, saw an increase in original sends of 1236% year on year from December 2010 to December 2011.
FNB eWallet Solutions CEO Yolande van Wyk says although eWallet has only recently been introduced to markets outside South Africa, the service has demonstrated strong potential for continued growth into the future.
"A country like Zambia for example has 5.4 million mobile phone users and a large informal sector, making a solution such as eWallet ideal in helping bridge the financial services gap between the banked and the unbanked. eWallet reduces both risk and cost, and in African markets we have found this to be essential in any financial product offering. Simple, convenient and affordable financial services represent the future of banking in Africa," concludes Van Wyk.
eWallet allows FNB customers to send money to anyone within the borders of the country in which the service operates. The recipient does not need to have a bank account. The money is transferred instantly and the recipient uses a pin code sent to their cellphone to access the cash from FNB ATMs.
MORE VALUE ADDED SERVICES NEWS
Internet.org app now available in GhanaFollowing the launch of the Internet.org app in Zambia and Kenya, Facebook is expanding its partnership with Airtel to bring the services to Ghana. Read More
TNM mobile money usage grows by 20%Telekom Networks Malawi Limited (TNM) has announced that the number of customers using its mobile money service, called Mpamba meaning ‘capital’, has increased by 20 percent. Read More
Azimo launches instant money transfer to eight new countries in West AfricaAzimo, the online money transfer service, has announced that customers across Europe can now send money to recipients in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo in West African CFA francs for instant cash pick-up. Read More
Airtel partners Cignifi and WSBI on mobile savings productsBrussels-based WSBI (World Savings and Retail Banking Institute) and Cignifi today announced an agreement to develop and test-market an innovative mobile savings product targeted at underserved and dormant savers. Read More
WorldRemit, MTN in Mobile Money partnershipWorldRemit and MTN have signed a global partnership that will enable WorldRemit customers to send remittances instantly to MTN’s Mobile Money customers. Read More
Draw your own video gameCartoon Network Games has partnered with Pixel Press on an innovative title encourages players to draw their own Adventure Time game levels. Read More
Tigo subscribers to enjoy 36m music tracks on their smartphonesTigo Tanzania today announced the launch of Tigo Music through a partnership with Deezer, the international music streaming service that will provide Tanzanians with unlimited music experience. Read More
Tigo Rwanda launches 4G, TV streamingTigo Rwanda has officially launched its 4G internet service and iROKOtv video streaming partnership. Read More
MTN unveils 2015 BetterMe app to maximize internet usageMTN Nigeria has launched its BetterMe campaign with the unveiling of the My2015BetterMe app and three 2015 BetterMe Bundle offerings for customers across all strata. Read More
Orange Mali, NSIA launch ‘Sini Tonon’The insurance and savings sector in Mali has been revolutionised with the launch recently of a mobile money product called ‘Sini Tonon’, an initiative of insurance giant NSIA (Nouvelle Société Interafricaine d’Assurances), in partnership with Orange Mali. Read More
FEATURED STORYUCC launches 2015 ACIA awards
Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.
BEST READ NEWS
IN DEPTHKenya’s digital TV battle hots up
Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.
COMPANY NEWSMTN to empower African businesses with AWS Direct Connect
MTN Group today announced it would be the first African company to offer Amazon Web Services (AWS) Direct Connect to business customers across multiple countries on the ...“All Systems GO!” for the DStv Eutelsat Star Awards in Zambia
It’s “All Systems GO!” for the winners of the fourth edition of the DStv Eutelsat Star Awards to be announced at the awards ceremony in Lusaka, Zambia ...Spectra Wireless, Microsoft 4Afrika launch first commercial TV white spaces services in Africa
University students will now get fast, affordable Internet bundles and receive zero-interest financing when purchasing a new device.