FNB eWallet transactions reach R1 billion

FNB is well known for its innovative banking solutions. Its mobile money service, eWallet, which allows customers to send money to anyone in South Africa provided they have a valid cell phone number, is one such solution. And it is doing extremely well. FNB recently announced that money sent via eWallet topped R1 billion in July 2015.

Yolande Steyn, CEO of eWallet Solutions at FNB, said:

"The first R1 billion took us two years to reach, and now people are sending R1 billion a month."

According to FNB, 77% of transactions are conducted by consumers, with the remaining 23% made up of business solutions, as part of the eWallet Pro solution. The highest number of transactions - 47% - were recorded in Gauteng.