Johannesburg: First National Bank (FNB) today announced that its Cellphone Banking channel processed in excess of 25 million transactions in December 2011 with a transaction value of over R2.7 billion, compared to R1.7 billion seen in December 2010. The bank has more than 3.5 million Cellphone Banking users.
Ravesh Ramlakan, CEO FNB Cellphone Banking Solutions says the growth of the service is due to its simplicity and the convenience that it offers customers. “The channel allows you the freedom and ability to bank anywhere, at anytime. Anyone on any network with any cellphone can use it. There are no complicated downloads or special SIM requirements, and registration is free.”
Of the 3.5 million Cellphone Banking customers, more than 70% fall between the ages of 18 and 40, and earn less than R100 000 per annum.
The take up on FNB.Mobi has also been encouraging says Ramlakan, “During the festive season over 600 000 visitors accessed the mobi site. It shows that FNB’s investment in offering customers innovative and technology-based solutions is paying off, and that we are meeting our customers’ needs.”
With FNB Cellphone Banking, customers can perform a number of transactions. They can transfer money between their own FNB accounts, buy prepaid products including airtime, electricity, play LOTTO, pay traffic fines and make third party payments to pre-defined beneficiaries.
Since its launch in March 2005, FNB has taken Cellphone Banking into some of its African subsidiaries, including Botswana, Namibia, Zambia, Swaziland and Lesotho. “Given the current take-up of Cellphone Banking in the market, we plan to introduce the service to more countries during 2012,” Ramlakan concluded.
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