First National Bank’s (FNB’s) eWallet is showing significant growth in the last financial year with a 119 per cent year-on-year increase in its African operations.
The eWallet has also managed to maintain its growth trajectory in South Africa. FNB has reported an 84 per cent increase from the previous financial year with the number of eWallets totalling 2.5 million in all countries where the bank operates.
“The success of eWallet in South Africa as well as our African operations has proven that there is a pervasive need to send money easily and instantly through a network agnostic money solution,” said Yolande van Wyk, chief executive officer (CEO) of FNB’s eWallet solutions.
“Over the last financial year alone, over ZAR3.2 billion (US$327.4 million) has been sent into eWallets across countries in which the service has been launched. These countries include South Africa, Botswana, Namibia, Swaziland, Lesotho and Zambia.”
Aside from South Africa, Namibia and Botswana’s adoption of the eWallet has exceeded FNB’s expectations with 17 per cent of citizens in Botswana and 5 per cent in Namibia having received money into an eWallet.
“The growth of eWallet in the African subsidiaries has been a lesson in how local conditions affect how people adopt and use a service. We have noticed that Botswana and Namibia’s low population density contributes to the take-up,” said van Wyk.
“With a population density of less than four people per square kilometer in both these countries, there is clearly a need to send money across a distance, and eWallet has fulfilled this need.”
Van Wyk said FNB is still in the process of “building” the eWallet business outside of South Africa, Namibia, and Botswana.
“Some of our countries such as Zambia and Lesotho are relatively young, and we believe that eWallet will support the growth of the bank in those countries. Also with the expansion of our ATM network, as well as new technologies such as the Slimline ATMS, we have the potential to grow the eWallet business even further across all countries,” said van Wyk.