SA's FNB sees mobile banking growth in Africa

MOBILE

|
Image: By BizTechAfrica
SA's FNB sees mobile banking growth in Africa

South African-based First National Bank (FNB) says mobile money and mobile banking are increasingly proving to be the ideal channels to access cash in Africa.

FNB is seeing strong evidence of this from its subsidiaries in Africa. It recorded year on year growth of 376% in Zambia, 277% in Botswana; 204% in Namibia and 473% in Swaziland.

Danny Zandamela, CEO of FNB Africa says: “ When we introduced our cellphone banking solution into other African countries, skeptics were not convinced by this channel as being a successful financial offering. However, the numbers we are seeing are confirmation that the African continent is actually an ideal market for mobile banking services.”

In markets other than South Africa, Botswana currently takes the lead, recording the highest number of cellphone banking users, with 65% of FNB customers in the country using the service.

Botswana is followed by Namibia and Zambia at 47% and Swaziland with 11%. Together the four countries perform in the region of 1.2 million cellphone banking transactions per month, worth approximately R122 million and have processed more than R1.2 billion in the last year. FNB added cellphone banking to Lesotho in May.

FNB says it has has also seen rapid growth in the remittance space since launching eWallet outside of South Africa. In November 2010, the bank launched eWallet in Botswana and to date has recorded over 89 000 transactions amounting to R31 million within the country’ s borders.

“ The need to transfer money quickly and safely from one person to another is and has always been important in emerging economies, and we are glad to be in a position where we are helping people with a financial offering in this way,” says Zandamela.

The success of eWallet in Botswana has resulted in plans to roll out the solution in other African subsidiaries in the near future.

“ Mobile money services offer an inexpensive and convenient method to bridge the gap between the banked and unbanked. The African continent, by pure virtue of being one of the fastest growing mobile phone markets in the world, is the ideal environment for such innovation and it is with this that we coupled Cellphone Banking and eWallet services into our African expansion portfolio,” notes Zandamela.



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE MOBILE NEWS

Vodacom Tanzania deploys PeerApp content-delivery solution

PeerApp, the leading provider of local content-delivery solutions for mobile, telco and cable operators, has announced the sale of its UltraBand content-caching solution to Vodacom Tanzania, the largest wireless telecommunications network, by subscribers, in Tanzania. Vodacom  Read More

Etisalat complies with NCC directive on Do-Not-Disturb code

Etisalat Nigeria has introduced the ‘Do-not-Disturb’ (DND) facility that enables customers on its network to opt-out completely or partially from receiving unsolicited marketing text messages and calls. Read More

MTN Rwanda launches Damarara promo

MTN Rwanda has announced the launch of its customer loyalty promotion dubbed ‘Damarara’, which is designed to reward MTN customers based on the usage of MTN products and services.  Read More

Tigo appoints Director for Tigo Business

Telecom brand of the year Tigo has appointed Stephen Essien as the new director for its enterprise unit, Tigo Business. Read More

Apollo Hospitals and Airtel bring expert healthcare to Africa

Apollo Hospitals, the largest healthcare group from India, and Airtel Africa, a leading telecom operator with operations in 16 countries in Africa, signed an MoU to enhance healthcare cooperation across Africa.  Read More

Telkom Kenya launches new entry-level smartphone

Telkom Kenya has expanded its phone portfolio with the launch of the new Kaduda Smart into the market. Read More

MTN Cameroon suspends non-compliant numbers

MTN Cameroon has suspended unidentified subscriber numbers to fully comply with Decree  2015/3759 of 03 September 2015. Read More

MTN Ghana present prizes to 20TH Anniversary Promo Winners

MTN Ghana has presented the first batch of prizes to winners of its 20th Anniversary promotion in Accra.  Read More

MTN announces group management changes

MTN has announced new changes to its group management structure, following changes announced last month. Read More

New smartphone enters Kenyan market

Giant smartphone maker Gionee is all set to launch its smartphones in the Kenyan market on Monday.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

First-ever Africa Barclays Accelerator programme concludesFirst-ever Africa Barclays Accelerator programme concludes

Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.

 

IN DEPTH

Ethical Hacking students can’t get a heck of a jobEthical Hacking students can’t get a heck of a job

Botswana ethical hacking students report that they are failing to break into the local job market.