More than R10-billion has been sent to South African recipients via FNB’s mobile money solution, eWallet, since its inception.
During the last year alone (May 2013 to April 2014), 53% (R5,3-billion) of that R10-billion was sent – indicating that mobile money is fast becoming an accepted replacement for person to person cash payments.
eWallet continues to experience high growth rates, with an increase of 95% in the value sent, year-on-year.
“We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country,” says Yolande Steyn (née van Wyk), CEO of eWallet Solutions at FNB.
FNB’s eWallet consumer service accounts for the majority of sends, R8,7-billion, while the bank’s newer business solution, eWallet Pro, allows businesses to pay the unbanked through their cell number or a prepaid card, is starting to show significant growth as well. eWallet Pro has proven popular in the construction, healthcare, insurance, education and agriculture industries.
Gauteng eWallet users send and receive the lion’s share of mobile money in the country with a 46% share, followed by Kwa-Zulu Natal at 14% and the Eastern Cape at 11%.
“We find that main urban centres tend to have higher usage because of population density and the fact that people use an eWallet for reasons other than sending money home, such as paying friends or purchasing airtime,” adds Steyn.
However, it is outside of the main cities that the real impact of using an eWallet for remittance is evident with money being withdrawn in outlying areas such as Butterworth in Eastern Cape and Hoedspruit in Limpopo.
The majority of eWallet sends are to family and friends, and recipients receive money on average twice a month.
