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
TXTGhana restructures business portfolioTXTGhana has announced the reorganisation of its operations under the TXTGroup umbrella so as to better reflect and direct its international business segments. Read More
SIKA Mobile Money Transfer app soon in GhanaGhanaians will soon enjoy a low cost local and global money transfer service, directly from their mobile phones. Read More
Airtel Africa platform to support music artists across AfricaAirtel Africa has partnered with customer engagement software provider IMImobile to launch the new Airtel Artist Management System. Read More
Tigo expands digital customer care channels with AskTigo Skype CareTigo Ghana has rolled out yet another digital channel of communication for its customers, called AskTigo Skype Care. Read More
New KCC partners with Safaricom to streamline transactionsLeading dairy processor New KCC has partnered with Safaricom to roll out a Kshs. 55.7 million cashless solution, to enhance business efficiency and address risks associated with cash handling. Read More
Safaricom Spark Fund invests in SendyDelivery service Sendy has become the first start-up to benefit from the venture fund, which was launched by Safaricom in November last year. Read More
Motswana in contention for Orange African Social Venture Prize 2015Botswana’s Thabiso Mashaba’s ‘These Hands Social Enterprise’ Project has been shortlisted in the top 11 of Orange African Social Venture Prize 2015 projects. Read More
Tigo Rwanda launches end of year Mega Cash promoTigo Rwanda has announced the launch of its Mega Cash SMS-based promotion Tigo Bonane set to make one millionaire every day. Read More
Co-op Bank partners with SimbaPay for Diaspora remittancesThe Co-operative Bank of Kenya has partnered with SimbaPay, a digital money transfer provider, to offer international money transfer services to the bank’s customers in the Diaspora. Read More
Chase Bank, Safaricom launch mobile solution for businessChase Bank Kenya has partnered with Safaricom to launch a service that will boost the efficiency of businesses, by aggregating all their banking services and making them accessible through a mobile phone. Read More
FEATURED STORYeCommerce in Africa urged to take advantage of mobile
The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets.
BEST READ NEWS
IN DEPTHNigeria needs $25b investment in broadband, says Wood
Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.