SA's FNB sees mobile banking growth in Africa
MOBILE| June 20, 2011, 12:30 p.m.
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.
MORE MOBILE NEWS
Glo unveils 9G Bumper Data Offer for subscribersGlobacom has unveiled a new bonus data offer for millions of its subscribers. The new package which has a validity period of one month also gives 9 gigabytes of data for every subscription worth N4,000. Read More
Unitel to launch VoLTE with SRVCC in AngolaUNITEL in Angola has successfully completed the first call through the LTE network (VoLTE - Voice over LTE) with continuity of the call in case of handover. Read More
Vodafone Ghana Grand Prize winner takes home GHS100, 000It was an emotional moment for the winners of Vodafone “Yee Twi Kɔ” promo recently. Read More
MTN seeks relationship restoration with NCCMTN has expressed a desire to restore its relationship with the Nigerian Communications Commission (NCC), insisting that it has the highest regard for the regulator regardless of the current situation in the industry. Read More
LTE network launched commercially in SomalilandAlepo announced today that Somcable, a major communications service provider in East Africa, has officially gone live with LTE in Somaliland. Alepo completed this LTE project in collaboration with Airspan. Read More
MTN launches first 4G LTE network in CameroonMTN has invested close to 60 billion FCFA over eight months to develop the first 4G network in Cameroon. Read More
ASUS enters Nigeria with ZenFone familyThe ZenFone family from ASUS has made its entry into the Nigerian market. Read More
Samsung unveils Gear S2 in KenyaSamsung Electronics East Africa has announced the next evolution in wearable technology with the introduction of the Samsung Gear S2 smartwatch. Read More
Tigo Tanzania launches 4G LTETigo subscribers in Tanzania can now enjoy the fastest internet connection following the unveiling of the company’s 4G LTE service in the country. Read More
FEATURED STORYViber Spreads Good Vibes in Africa with the introduction of public chats
Viber, one of the leading messaging and calling apps with more than 664 million unique users worldwide, has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East.
BEST READ NEWS
IN DEPTHPoised for greater heights – Roshi Motman, AfricaCom CEO of the Year Winner
Roshi Motman is not your average CEO. Since taking up the reins as the first female CEO of Tigo Ghana in 2014, she has led the Tigo brand through a remarkable transformation.
COMPANY NEWSDStv Eutelsat Star Awards winners named
Students from Ghana and Zimbabwe have scooped top honours at 5th edition of DStv Eutelsat Star Awards organised by MultiChoice Africa and Eutelsat.