FNB’s virtual cards are gaining popularity among customers. Virtual debit cards work like regular debit cards but are entirely digital and offer greater security and privacy. They allow for convenient payments anytime, anywhere, without the need for a physical card.
FirstRand, which owns FNB, released its financial results for the year ending 30 June 2024. FNB continues to invest in its integrated financial services platform, enabling customers to handle most of their banking needs digitally.
The platform offers both assisted (e.g. call centres and branches) and unassisted (mobile and online banking, FNB app, ATMs) interfaces.
Key highlights for the year include:
- Since the launch of virtual cards on the FNB app, 5.1 million cards have been activated, with R68.1 billion in transactions.
- Virtual cards provide safer e-commerce transactions.
- They are easy to create, cancel, or temporarily block, and users can manage them via the app, with all details accessible.
- Virtual cards can be used for purchases on platforms like Takealot, Amazon, Uber, and Netflix, and are compatible with FNB Pay, Scan to Pay, and digital wallets like Apple Pay, Google Pay, Samsung Pay, and others.
FirstRand also reported a strong operational performance, particularly in the second half of the financial year, which helped absorb a R3 billion accounting provision for a UK motor commission review. Despite challenges, FirstRand’s portfolio delivered 4% growth in normalised earnings and a return on equity (ROE) of 20.1%. Excluding the UK provision, earnings grew 10%, with an ROE of 21.3%.
CEO Mary Vilakazi highlighted the group’s ability to maintain high ROE and increase dividends by 8%, demonstrating the strength of FirstRand’s franchises, including FNB, RMB, WesBank, and Aldermore.
