27 June 2017
visit www.finastra.com

FNB reports soaring African m-banking uptake

24 June 2011  |  8548 views  |  0 smartphone

First National Bank (FNB) says it has seen an explosion in the number of customers throughout Africa using its mobile services over the last year.

The South Africa-based outfit says it subsidiaries have experienced massive take-up of m-banking services with year-on-year growth of 376% in Zambia, 277% in Botswana, 204% in Namibia and 473% in Swaziland.

Nearly two thirds of its customers in Botswana now use mobile banking, nearly half of those in Namibia and Zambia and 11% in Swaziland.

Together, the four countries perform in the region of 1.2 million m-banking transactions per month, worth approximately R122 million and have processed more than R1.2 billion in the last year. FNB is looking to roll out the service to new market, adding Lesotho in May.

In November the bank also launched its eWallet remittance service in Botswana and to date has recorded over 89,000 transactions amounting to R31 million within the country's borders.

Danny Zandamela, CEO, FNB Africa, says: "Mobile money services offer an inexpensive and convenient method to bridge the gap between the banked and unbanked. The African continent, by pure virtue of being one of the fastest growing mobile phone markets in the world, is the ideal environment for such innovation and it is with this that we coupled Cellphone Banking and eWallet services into our African expansion portfolio."

Mobile money has proved very successful in many African countries, where there are large numbers of unbanked people and limited branch networks and Internet access. Earlier this month, Visa moved to take advantage of the potentially huge market through the $110 million acquisition of Fundamo, a South African specialist in mobile money tech for banks and wireless operators in developing economies.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa makes mobile payment play with $110 million cash deal for Fundamo

Visa makes mobile payment play with $110 million cash deal for Fundamo

09 June 2011  |  11373 views  |  0 comments
Standard Chartered Bank taps Monitise for Indian mobile money apps

Standard Chartered Bank taps Monitise for Indian mobile money apps

03 June 2011  |  9692 views  |  0 comments
Young men lead way on m-payments

Young men lead way on m-payments

19 May 2011  |  8430 views  |  1 comments
South Africa's FNB introduces ATM cash withdrawals by cellphone

South Africa's FNB introduces ATM cash withdrawals by cellphone

23 March 2011  |  14349 views  |  8 comments | 1 tweets
Southern Africa plans Sepa-style payments harmonisation

Southern Africa plans Sepa-style payments harmonisation

26 October 2010  |  10424 views  |  1 comments
SocGen targets Africa for m-payments roll-out

SocGen targets Africa for m-payments roll-out

28 June 2010  |  7172 views  |  0 comments
M-Pesa launches in South Africa

M-Pesa launches in South Africa

16 February 2010  |  12998 views  |  0 comments
Sierra Leone mobile money service launches

Sierra Leone mobile money service launches

18 September 2009  |  6591 views  |  0 comments
World Bank calls for financial services expansion in emerging markets

World Bank calls for financial services expansion in emerging markets

15 September 2009  |  7116 views  |  0 comments
Mi-Pay and Isys launch mobile money transfer service in Sudan

Mi-Pay and Isys launch mobile money transfer service in Sudan

09 March 2009  |  11251 views  |  0 comments
Monitise targets East African market with JV

Monitise targets East African market with JV

15 May 2008  |  9731 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit www.response.ncr.comdownload the report now

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
11158 views comments | 4 tweets | 5 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8799 views comments | 19 tweets | 34 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
8192 views 0 | 4 tweets | 2 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
8105 views comments | 9 tweets | 6 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job