First National Bank has introduced a mobile bank account for consumers with limited or no bank access, to address the gaps in financial inclusivity.
Chief Executive of FNB Easy, Pieter Woodhatch, said traditional bank accounts did not meet the unique needs of irregular income earners such as seasonal workers, as they carried monthly fees, among other impediments.
He was speaking during the launch of the eWallet eXtra mobile banking service on Tuesday.
The bank introduced the service after finding that one million users had been effectively using the eWallet service as a bank account despite it being a remittance service.
Woodhatch said eWallet eXtra was a solution to address this gap. Based on the analysis of the bank’s customer base, it estimated the size of the market to be in excess of 11 million.
He noted that digital adoption was the main solution to addressing the gaps in financial inclusion, adding that 66 percent of regular eWallet users leveraged digital platforms, thus making mobile devices critical in extending banking services to unbanked and underbanked populations.
“Digital gives customers full access to their money and puts them in control,” Woodhatch said.
The eWallet eXtra account will not ca rry debit order functionality to safeguard customers and will enable users to send or receive deposits from individuals and other banks.
It will also store funds for an unlimited period, and allow customers to pay accounts and also buy prepaid products like mobile phone airtime, data and electricity. (via African News Agency)
