South Africa’s First National Bank (FNB) said its prepaid electricity purchases have experienced a surge as new municipalities across the country were being added to its distribution and consumers adopt the method as an adequate way of controlling their electricity bills.
“Our electricity sales have seen a strong year-on-year growth of 59% as consumers become more cost conscious and want to control their bills more carefully through prepaid services, as well as the fact that we have expanded our network of municipalities,” Ravesh Ramlakan, CEO of FNB Service Provider, said in a statement.
The Johannesburg-based bank also said its business unit recently expanded its footprint to include new municipalities such as eThekiwini, Emfuleni, Polokwane, Madibeng, Ditsobotla and Bela Bela.
FNB covers over 100municipalities including the metros (City of Cape Town, City of Johannesburg, Ekurhuleni and eThekwini), private vendors and Eskom nationwide.
Eskom is the government-controlled electricity company.
“We have worked hard to expand into new municipalities and, since adding these municipalities, have experienced a 62% growth in electricity sales between September 2013 and May 2014,” Ramlakan added.
Photo: East Rand Mall.co.za