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
Airtel Uganda money transfer voted best digital financial serviceAirtel Uganda was voted the Best Digital Financial Service of the year at the Digital Impact Awards Africa held at the Sheraton Kampala Hotel. Read More
DRC civil servants hail mobile banking, ICTsCivil servants in the Democratic Republic of Congo (DRC) have described mobile banking as the ‘biggest miracle’ of the 21st century. Read More
Streamed services to push digital music sales to $14bn by 2019A new report from Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, from $12.3bn this year to $13.9bn in 2019. Read More
Airtel, Tigo launch cross-network money transfer service in TanzaniaBharti Airtel has announced the introduction of a service that will allow customers send and receive between Airtel’s mobile money service and that of Tigo in Tanzania. Read More
Airtel, VeriFone Mobile Money speed up merchant enablementBharti Airtel and VeriFone Mobile Money have reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across Airtel’s 17 operating countries in Africa. Read More
Safaricom cuts fees on low and medium value M-PESA transfersSafaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands. Read More
Stakeholders meet over Ghana mobile moneyStakeholders from Ghana’s financial and telecoms industry have held talks at an MTN Stakeholders Forum in Accra to discuss the way forward in the quest to make Ghana a cashless society. Read More
Village saving associations get mobile money productAirtel Uganda, Grameen Foundation and Plan Uganda have introduced a new Group Savings product for Village Savings and Loan Associations. Read More
Nigeria’s VAS providers ‘on brink of extinction’WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports. Read More
FEATURED STORYNigeria’s VAS providers ‘on brink of extinction’
WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.
COMPANY NEWSSage CRM is Umsinsi Health Care’s engine for growth
Umsinsi Health Care, a distributor of medical products, has enhanced customer service and streamlined its business processes by implementing Sage CRM as its customer relationship management platform.VMware delivers new innovations for the open, agile, secure software-defined data centre
Industry’s most complete software-defined data centre portfolio helps customers slash CAPEX by nearly 50 percent and improve IT productivity by 100 percent or more.Alex families receive Schneider Electric solar lamps
Schneider Electric, a specialist in energy management, has partnered with Rays of Hope, a non-profit organisation, providing 28 schoolchildren and their families in the northern Johannesburg township of ...