FNB unveils eWallet eXtra mobile bank account

FlashSA

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Oct 19, 2007
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Sounds cool, but how does it bypass the irritating FICA and KYC rules for all other account creations?
 

Johnatan56

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Sounds cool, but how does it bypass the irritating FICA and KYC rules for all other account creations?

Called eWallet eXtra, the mobile wallet has no monthly fees and consumers are not required to submit any paperwork — only their name and ID number on their phone. The product will be launched by June. Only people 16 and over will be able to use it.
https://techcentral.co.za/fnb-unveils-mobile-bank-account-for-unbanked/80771/

Haven't read the MyBB version yet. Assuming they use the RICA details for FICA?
 

backstreetboy

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Jun 15, 2011
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Sounds cool, but how does it bypass the irritating FICA and KYC rules for all other account creations?

Just like Liberty Stash etc. push it to the back like when you need to withdraw, then you need to upload the documents.
 

Hamster

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Aug 22, 2006
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Zikhali explained that eWallet eXtra will have no monthly fees and consumers will not be required to submit any paperwork, and they will only be required to submit name, surname and identity numbers to open the account.

...

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.


https://www.itweb.co.za/content/LPwQ57lyQapMNgkj

The answer to all your questions is a Google search away to an article that was written with a bit more...erm... interest.


Anyway, this will make paying a the maid/gardener easier, but there is not point (obviously) if you already have a bank account.
 
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WalkWithMe

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Dec 10, 2016
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Sounds cool, but how does it bypass the irritating FICA and KYC rules for all other account creations?

There are limits on the account and transnational values to below certain thresholds. This will deter the account to be used for crime of value. The article points out R3k/day and R24k/month.
 

KleinBoontjie

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Jul 30, 2010
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Seems this product is aimed at the lower income bracket. LOL, wonder why FNB thought it would be good idea to send the poor to Spar, with their ridiculous prices. Could've partnered with a better shop.

Good idea, bad implementation.
 
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