FNB and MXit partner
National Bank (FNB) and mobile social networking and instant messaging giant MXit have partnered to allow FNB customers to purchase MXit Moola and top up their MXit accounts in real time using Cellphone Banking from FNB. The service further allows customers to purchase Moola for other MXit users.
“The product is designed to meet the needs of the technologically savvy youth market where cool gadgets, staying up-to-date with current tech trends, accessibility, convenience and cost are the core elements that determine product preference,” FNB said.
It is also a very convenient and safe way for parents to allocate their teenagers monthly Moola, as well as for friends and family to purchase Moola as gifts – as any FNB account holder can purchase MXit Moola.
Moola purchases were previously conducted by using a valid credit card or premium-rated SMS. With Cellphone Banking from FNB, customers can purchase MXit Moola from any of their transactional accounts.
“Since launching MXit in May 2005, our aim has been to collaborate with strategic business players in various sectors to ensure that we meet the needs of the youth market,” says Herman Heunis, CEO and founder of MXit.
“As the youth are becoming more aware of cellphone banking and the ease of using virtual credits, like Moola, we’ve focussed our attention on the banking sector. The FNB offering is consistent with our commitment to broaden our product offering to the youth by positioning MXit as a product that is both versatile and trendy,” Heunis says.
The vast majority of MXit’s 13 million global users reside in South Africa, and the majority of these users are between 18 and 25 years old. According to FNB, its youth market falls within the same age range and currently generates over R18m worth of cellphone banking transactions every month.
“As a leader in cellphone banking, FNB consistently meets the needs of customers by delivering innovative services. Our aim is to bring easy-to-use technology, convenience and cost-effective services closer to our customers through strategic collaboration. MXit is a very powerful way to connect to this market, and we plan to continue to design innovative products that will excite the youth market” concludes Ravesh Ramlakan, Chief Commercial Officer for FNB Mobile and Transact Solutions.
FNB and MXit partnership discussion
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