FNB's mobile bank account signs up 50,000 users in first month

2 November 2018

Money Transfer

South Africa bank FNB’s eWallet eXtra has registered 50,000 users and is seeing a steady increase in transaction volumes, especially cash sends in just over a month since launch. The mobile digital account was announced six months ago and officially went public on 27 August. eWallet eXtra users can view their bank account balance and transaction history on their mobile phone. The account has a daily spend limit of ZAR 3,000 and ZAR 24,000 per month, while cash withdrawals can be made at FNB ATMs or over the counter at participating Spar stores.

eWallet eXtra has no monthly fees and is primarily aimed at South Africa’s unbanked market. The positive uptake is testimony that South Africans have appetite for digitally based banking solutions, the company said. Anyone who owns a mobile phone can open an eWallet eXtra account without having to visit a branch. All that is required is a name, surname, ID number and thereafter the customer is issued with a unique account number.

Source: Telecompaper