FNB expects huge increase in eWallet transactions

FNB expects a major spike in eWallet transactions during the festive season.

In a statement today, the bank said it anticipated a 26% increase in eWallet send volumes over the holiday period.

The previous year’s festive season saw FNB’s customers send eWallet funds worth over R2.4 billion.

FNB Consumer CEO Christoph Nieuwoudt said that the simplicity and convenience of the feature helped to grow transactions year-on-year.

“eWallet provides our customers with simplicity, convenience and security when sending money. This offering has become top of mind amongst South Africans when looking for easy ways to send money,” Nieuwoudt stated.

To send funds via eWallet, FNB customers can use any of the bank’s electronic platforms, such as the FNB app, a cellphone, the FNB.co.za website and ATMs.

Provincial numbers

The bank also revealed which provinces accounted for the most eWallet sends, with the top three most-populated provinces making up more than 70% of the total transactions.

“For the current year, FNB’s data revealed that consumers in Gauteng are the top senders of eWallet at 47%, followed by KwaZulu-Natal at 14%, and Western Cape at 10%. Other provinces completing the top six include Eastern Cape at 9%, Limpopo, Mpumalanga and Northwest jointly coming at 5% and lastly Free-State at 4%,” FNB said.

Nieuwoudt added that the bank will continue to improve accessibility to its infrastructures to ensure all South Africans are able to access platforms like eWallet.

Now read: FNB Connect data prices cut

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FNB expects huge increase in eWallet transactions