First National Bank of South Africa has finally launched the geo pay app expected to facilitate money transfers through a mobile application.
The app will have GPS-enabled feature set to help bank users to transfer money depending on their proximity.
The bank also outlined the fees for the application. It will charge the users similar rates as the bank charges. “The app is seen as an electronic payment, so if you’re on a monthly fee package you can make unlimited free Geopay payments,” FNB CEO Michael Jordaan said. Users can also use the app for ATM withdrawals.
The maximum ATM withdrawal will stand at R5,000 ( appx US$ 620) per day with transactional amounts limited to R3,000 (appx US$320) per day. Over 160,000 clients have downloaded the application, FNB reports.
The bank hopes to have a minimum of 330,000 users by the end of the year. “In future, some users may never come into contact with traditional forms of banking,” Jordaan said. More countries in Africa are embracing mobile banking as a way to reach those unbanked.
Mobile subscribers in Africa are around 600,000,000 and introducing banking services such as FNB will become a widely accepted norm.