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FNB brings eWallet to Mxit users

Oct 03 2012 14:34 Fin24

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Cape Town - Mxit, Africa’s largest social network, has integrated First National Bank’s eWallet service into Mxit Money, its mobile commerce platform, to create FNB Moola+.

FNB Moola+ enables Mxit users to buy Moola, Mxit’s online currency, at discounted rates. The result is 35% bonus Moola for every rand spent compared to buying it via Premium Rated SMS.

This latest Mxit Money partnership gives Mxit’s 10 million active South African users yet another banking service with which to transact on the social network.

FNB eWallet allows any South African with a valid cell phone to perform various financial transactions. Yolande van Wyk, CEO of FNB eWallet Solutions said: “eWallet is more than just a money transfer solution and we are continually extending the functionality. With the integration into Mxit we are taking advantage of the micropayment potential of Mxit Moola.”

“Moola is a critical piece of this puzzle,” said Alan Knott-Craig, CEO of Mxit. “As Mxit’s platform strategy matures, there will be more opportunities to interact with applications, games and content and this will be done using our online currency.”

“One of the greatest challenges to mobile commerce is cost-effectively getting money into the system. Traditionally the only way to get real money into our ecosystem was to use premium-rated SMS services. This is an expensive solution and puts a lot of pressure on Mxit to provide fair value to the user while still recouping its costs. The partnership with FNB means that we can now offer our users even more value.”

“This will have a positive knock-on effect into our partner network. The more Moola our users have to spend, the better for each developer of the various games and services,” said Knott Craig.


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