South Africa’s First National Bank (FNB) said that more than R10-billion (about US$1-billion) has been sent to recipients in South Africa via its mobile money solution eWallet since its inception.
The bank said R5.3 billion or 53% of this amount was sent last year alone (May 2013 to April 2014), proving that mobile money was fast becoming an accepted replacement for person to person cash payments.
eWallet continues to experience high growth rates, with an increase of 95% in the value sent, year-on-year.
FNB is a division of FirstRand Bank Limited.
“We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country – a challenge that can be easily solved with FNB’s eWallet solution,” Yolande Steyn, FNB CEO of eWallet Solutions, said in a statement.
FNB’s eWallet consumer service accounts for the majority of sends, which stands at some R8.7 billion.
Furthermore, the bank said that its newer business solution, eWallet Pro, has been allowing businesses to pay the unbanked through their cell number or a prepaid card.
eWallet is starting to show significant growth has proven popular in the construction, healthcare, insurance, education and agriculture industries, the Johannesburg-based bank said.
The service is more than just a money transfer service as it allows the wallet holder to perform a variety of transactions including purchasing prepaid airtime, data and electricity, sending money to another cellphone, paying bills and purchasing at selected retailers.