First National Bank (FNB) announced the launch of eWallet eXtra
On Wednesday, 18 April 2018 First National Bank (FNB) announced the launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South African consumers to use a feature phone or a smartphone 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, requiring only their name, surname and ID number on a mobile device. The solution will be available by June 2018.
eWallet eXtra users will be able to view their bank account balance and transaction history. Those who use an FNB Connect SIM will be able to access eWallet eXtra for free as they do not need airtime. Full control and safety are also key features of eWallet eXtra and the first layer of security allows users to generate a PIN code to access their account. To safeguard customers, eWallet eXtra will not carry debit order functionality.
FNB says the success of eWallet eXtra will be due to its ability to address the gaps that the bank has identified in its analysis of entry-level bank accounts and its popular eWallet remittance service.
“We believe that eWallet eXtra is the ideal solution to address this important gap and based on the analysis of our customer base and research on financial inclusion, we estimate the size of this market to be in excess of 11 million,” says Gugu Zikhali, FNB Head of Transaction Products: Mass Market.
Woodhatch points out that digital adoption is the main solution to addressing the gaps in financial inclusion. “66% of regular eWallet users leverage digital platforms and mobile devices remain critical in extending banking services to unbanked and underbanked populations. Digital gives customers full access to their money and puts them in control,” Woodhatch concludes.
However social media users have had different views to the new launch.
FNB is the worst bank in Mzansi. There was an illegal debit order in my account.The bank failed to assist me .I quit that Thug Robbing bank.Thank you very much FNB #FNBeWalleteXtra
— Richmond Ditlhareng (@BASSYDITLHARENG) April 18, 2018
#FNBeWalleteXtra you guys shud take hints from Standard Banks ewallet services and implement a recall on that just incase it's sent to the wrong number. Additionally, ur charges for this service sucks... Makes me want to leave FNB all together. 🤔🤔
— Macx (@Marcx_elle) April 18, 2018
I like FNB and I think it's the best bank in mzansi #FNBeWalleteXtra
— Mama Swedish (@simswedish) April 18, 2018
#FNBeWalleteXtra is a response to the 3 digital banks launched last year. This will be the winner as branding is in place as well as infrastructure. Huge punch to start ups.
— rabu (@tefomogoje) April 18, 2018
I like FNB and I think it's the best bank in mzansi #FNBeWalleteXtra
— Mama Swedish (@simswedish) April 18, 2018
Edited by Neo Sesinye
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