FNB launches mobile bank account

Johannesburg – First National Bank (FNB) has launched a mobile bank account, aimed at the 11 million customers they say are not catered for.

On Wednesday FNB announced that an extended version of eWallet will be launched at the end of May.

eWallet eXtra will act as a mobile bank account, offering services that a bank account would have and making it more than just a send money account.

FNB’s product head of Inclusive Banking Gugu Zikhali said eWallet eXtra users will be able to access their money at various FNB ATMs and retail tills.

FNB said the user will not be able to perform debit orders with the mobile accounts.

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Although there is no cost in opening the eWallet eXtra account, users will pay transactions charges.

All that's needed to open an account is a cellphone and a South African ID number.

FNB Executive Pieter Woodhatch said there are “5 million active wallets”, which are accounts used to transfer eWallets.

Woodhatch said that 66% of users of FNB services are using digital channels like eWallet.

The eWallet eXtra allows the user to send, receive and deposit. These services are similar to those of M-pesa by Vodacam, which failed in South Africa.

However, FNB has an eWallet track record with 1 million users who use it as their primary bank, FNB CEO Jacques Celliers said.