FNB makes its mobile e-wallet service available to all South African citizens

South Africa’s First National Bank (FNB) is making its mobile based e-wallet available to non-customers and the unbanked through a new partnership with retail giant PEP. The bank’s e-wallet service was set up in 2009 and currently has more than 700,000 customers using it – 50,000 new e-wallets are being created each month. The deal will extend the reach of the bank’s service to enable any South African with a bar-coded ID card to deposit, send and withdraw money, make payments and purchase goods at any of the 1200 PEP stores around South Africa. However customers are not able to transfer funds between the FNB e-wallet and other mobile based wallets.

The eWallet is set up by having your ID card scanned and depositing money at a PEP store, once the deposit is made customers can transfer funds to any valid mobile phone number, on any network, in South Africa. Charges incurred using the e-wallet include 2 Rand to send money, withdraw at selected retailers, make prepaid payments (airtime or electricity), or transfer from eWallet to a bank account; 5 Rand to withdraw at an FNB ATM (first withdrawal is free but the charge is incurred from then on); 9.95 Rand to deposit at selected retailers.

FNB CEO Michael Jordaan said of the partnership “we are further extending banking services to all South Africans, with or without a bank account. This will enable them to send and receive money instantly, a simple yet safe solution in providing access to financial services.”

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