Have you heard? There’s a mobile bank account that allows unbanked and underbanked South Africans to use a feature phone or a smartphone to open a bank account without ever walking into a branch.
On 18 April 2018, First National Bank (FNB) announced the launch of eWallet eXtra which will have no monthly fees and you will not be required to submit any paperwork, requiring only your name, surname and ID number on a mobile device. The solution will be available by June 2018.
Gugu Zikhali, FNB Head of Transaction Products: Mass Market says “This is a simple, accessible and cost effective solution. If you are above the age of 16 and own a cellphone, you’ll be able to get a mobile bank account with a unique account number in less than three minutes, and you don’t need a bank card to transact.”
Things You Need To Know About eWallet eXtra
- You will send or receive deposits from individuals and other banks, store funds for an unlimited period, pay accounts and also buy prepaid products like airtime, data and electricity.
- You will send to other recipients and withdraw at any FNB ATM or at tills across participating *SPAR stores, which also allow for over the counter purchases. The daily spend limit is R3 000 and R24 000 per month.
- You will be able to view your bank account balance and transaction history and if use FNB Connect SIM, you will be able to access eWallet eXtra for free as you do not need airtime.
- Full control and safety are also key features of eWallet eXtra and the first layer of security allows you to generate a PIN code to access your account.
- To safeguard customers, eWallet eXtra will not carry debit order functionality.
FNB says the success of eWallet eXtra will be due to its ability to address the gaps that the bank has identified in its analysis of entry-level bank accounts and its popular eWallet remittance service.
Pieter Woodhatch, CEO of FNB Easy says traditional bank accounts which carry monthly fees and accept debit orders, restrict clients to use cards, do not meet the unique needs of irregular income earners such as seasonal workers. This is why FNB has integrated some eWallet functionality into the eWallet eXtra mobile bank account. After an in-depth assessment of eWallet user patterns, they realised that in excess of one million users have been effectively using it as a bank account despite the fact that the solution was designed as a remittance service.
Source: FNB. Image: Pixabay