FNB’s Cellphone Banking business has reached a landmark 3-million customers.
FNB CEO Michael Jordaan says Cellphone Banking has become “one of the bank’s greatest success stories”.
“Having 3-million customers safely doing their banking anytime, anywhere, is proof that we have made the right investment decision – an investment in driving innovation which enables us to offer affordable, convenient and safe banking services,” he says.
The simplicity of Cellphone Banking has resulted in a diverse portfolio of customers using it – more than 72% of customers earn less than R100 000 per annum, and fall within the 19 to 40 age group, while 18% earn between R100 000 and R500 000.
“When we launched Cellphone Banking in March 2005, we only had 25 customers and the future was uncertain. Today our Cellphone Banking services are available in South Africa as well as in five African countries,” says Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions.
“Cellphone Banking processes in excess of 13,5-million transactions monthly to a value of more than R1,7-billion,” Ramlakan adds.
“Prepaid purchases are popular with our customers due to the convenience factor. However, the recent launch of our Cash Withdrawal service and once-off payments are also gaining popularity with our customers.
“These trends show that the South African market has embraced the concept of “24/7 banking on the go”. We anticipate continued growth of the service, especially given its simplicity, the diverse transactions that can be conducted as well as the ability to allow customers to transact anywhere, at anytime,” Ramlakan adds.