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
Smart wearables market to generate $53bn hardware revenues by 2019New findings from Juniper Research revealed that the global retail revenue from smart wearable devices will treble by 2016, before reaching $53.2 billion by 2019, compared to the $4.5 billion expected this year. Read More
MFarmer SMS redefines market access for Ugandan farmersUgandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. Read More
University of Yaounde I adopts MTN Mobile MoneyMTN Cameroon has signed a partnership agreement with the University of Yaounde I for the use of the MTN Mobile Money solution by students for their financial transactions with the university. Read More
Agents say Glo Xchange will empower NigeriansAgents of Nigeria’s super mobile money agent network, Glo Xchange have commended Globacom for the platform which is aimed at deepening financial inclusion and promoting Nigeria’s electronic payment system. Read More
Tigo Tanzania launches mobile money savings serviceMillicom-owned Tigo Tanzania has launched Tigo Wekeza - “Tigo Invests” - the world’s first mobile money service that allows customers to earn automatic returns on their balance. Read More
MasterCard, Apple to Integrate Apple Pay Cardholders for mobile paymentApple has unveiled Apple Pay that will enable MasterCard cardholders to use their iPhone 6, iPhone 6 Plus and Apple Watch for everyday purchases. Read More
MTN partners with Skrill to enable global digital payments for mobile moneyMTN and Skrill have announced a partnership agreement focused on helping MTN subscribers to take part in the global digital revolution by being able to use funds in their mobile wallets to buy from global internet brands integrated into the Skrill network. Read More
Tigo Cash users can now buy airtime for other networksRegistered users of Tigo Ghana’s Mobile Financial Service, Tigo Cash, can now purchase airtime for other networks for their friends and family in real time. Read More
Mobile banking gains ground in DRCMobile banking is experiencing phenomenal growth in the Democratic Republic of Congo (DRC). Read More
FEATURED STORYMFarmer SMS redefines market access for Ugandan farmers
Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures.
BEST READ NEWS
IN DEPTHNIG President speaks his mind
Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.