First National Bank (FNB) has launched a new mobile bank account named eWallet eXtra which is compatible with both feature phones and smartphones.
The application will allow unbanked South Africans to open a bank account without ever walking into a branch.
eWallet eXtra will have no monthly fees and consumers are not required to submit any paperwork to use the application.
The service requires users to input only their name, surname and ID number on any mobile device.
“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,” said FNB.
“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 bank said.
The daily spend and monthly spend limits for eWallet eXtra accounts are R3,000 and R24,000 respectively.
Users will be able to view their bank account balance and transaction history, and the service will be zero-rated for those with an FNB Connect SIM.
Accounts can be secured with a user-generated PIN and will not be able to create debit orders for security reasons.
FNB’s eWallet eXtra mobile bank account will be available by June 2018.