Digital disruption is at the top of the banking agenda across the country.
To remain relevant and respond to the mushrooming of digital banks in South Africa, FNB has launch of eWallet eXtra, a fully mobile bank account that’s accessible on a feature phone or a smartphone.
FNB might be responding to the country’s imminent digital banks, such as the yet-to-be launched Discovery Bank, Tyme Digital and Bank Zero (founded by ex-FNB executives).
eWallet eXtra will have no monthly fees and consumers are not required to submit any paperwork, requiring only their name, surname and ID number on a mobile device. The solution will be available by June 2018.
eWallet eXtra users will be able to view their bank account balance and transaction history. Those who use an FNB Connect SIM will be able to access eWallet eXtra for free as they do not need airtime. Full control and safety are also key features of eWallet eXtra and the first layer of security allows users to generate a PIN code to access their account.
To safeguard customers, eWallet eXtra will not carry debit order functionality.
“This is a simple, accessible and cost effective solution. If you are above the age of 16 and own a cellphone, you’ll be able to get a mobile bank account with a unique account number in less than three minutes, and you don’t need a bank card to transact,” says Gugu Zikhali, FNB Head of Transaction Products: Mass Market.
“eWallet eXtra will enable users to send or receive deposits from individuals and other banks, store funds for an unlimited period, pay accounts and also buy prepaid products like airtime, data and electricity.”
Users can also on send to other recipients and withdraw at any FNB ATM or at tills across participating SPAR stores, which also allow for over the counter purchases. The daily spend limit is R3 000 and R24 000 per month.
FNB says the success of eWallet eXtra will be due to its ability to address the gaps that the bank has identified in its analysis of entry-level bank accounts and its popular eWallet remittance service.