Use of mobile money increases in SA

SOUTH  Africans are showing significant appetite for mobile money solutions, says chief executive of FNB eWallet Solutions, Sandi Madikiza, on Tuesday(today), adding that the bank said it was seeing a steady upsurge in total eWallet cash withdrawals, an indication that users were increasingly using the service as a means for remittance.

“Over the years, we have seen eWallet become part of the South African vocabulary as many citizens see it as a convenient and cost effective way to send or receive money,” says Madikiza in a statement.

Madikiza said FNB eWallet Solutions’ latest data showed that 4.2 million new eWallets were created over the last 12 months, a rate of about 350 000 new eWallets per month.

“This is one of the reasons we continue to grow the number of withdrawal points to enable broader financial inclusion through easy access.”

FNB’s observation is consistent with the findings of the 2015 FinScope research which showed that more people are choosing to remit via a bank.

Madikiza said users now had the option to walk and withdraw money at their community retailer instead of taking a taxi or driving to the nearest ATM, which may be in a shopping mall or the nearest City.

“While this makes it convenient for eWallet users, it could equally boost business for the retailer,” she says adding that her company will be adding that the Bank will have at least 600 new withdrawal points through partnerships with major retail chains across the country.” – ANA