outh Africa: First National Bank Expands Ewallet's Functionality

Mergers, Acquisitions and Financial Results

First National Bank (FNB) is to enhance its eWallet solution, which enables employers to pay salaries directly to their employees' mobile phones, by introducing features that enable users to pay money from their eWallet directly to a bank account, and even to pay their bills.

FNB has had success with eWallet, with over R1-billion being transferred using the solution during the year between its launch in October 2009 and October this year. Encouraged by the success of eWallet in South Africa, FNB has since made the solution available in Botswana, Lesotho and Swaziland.

"Enabling South Africans to transfer money directly into a bank account or pay their bill without having to leave their homes is taking us closer to making banking truly accessible to the previously unbanked," added eWallet Solutions CEO Yolande van Wyk.

"The beauty of eWallet is that the recipient doesn't need a bank account to be able to access the money sent to them," she said. "In addition to withdrawing cash, buying prepaid airtime or sending the money to another person, they can also pay their bills instantly and conveniently."

eWallet has been shortlisted as a finalist for the Financial World Innovation Awards 2011 in the Innovation in the delivery of financial products - Multichannel and Mobile Banking.