In just over a month since being made publicly available, FNB’s eWallet eXtra has registered 50 000 users and is seeing a steady increase in transactional volumes, especially cash sends, the bank said on Monday.
The mobile digital account was announced 6 months ago and officially went public on 27 August 2018.
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 the appetite for digitally based banking solutions,” Gugu Zikhali, FNB Head of Transaction Products: Mass Market, said on Monday.
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.
Full control and safety are key features of eWallet eXtra and the first layer of security allows users to generate a PIN code to access their account.”
eWallet eXtra users can view their bank account balance and transaction history on their mobile phone at any time, from anywhere. The account has a daily spend limit of R3 000 and R24 000 per month, while cash withdrawals can be made at FNB ATMs or over the counter at participating SPAR stores.