There’s been a dramatic 65% year-on-year increase in financial transactions made via ABSA’s three cellphone banking offerings.

“Cellphone banking adoption continues to beat expectations,” says Absa Retail Bank chief executive, Gavin Opperman. “In 2011, we will see transaction values of about R10-billion transferred via the mobile channels.”
ABSA has reached a milestone with 3-million cellphone banking customers having signed up.

Opperman believes recent cellphone banking innovations, like enabling customers to apply for and receive a loan in just 10 minutes, will continue to drive migration to this channel.

Prepaid airtime top-ups continue to be a popular service, having recorded a 69% year-on-year growth.

The domestic money transfer service CashSend, and the international version, Western Union money transfer, have also proven to be successful, with more than one-third of all CashSend transactions conducted via cellphone banking.

Statistics also show a 25% increase in the number of businesses using cellphone banking to better control their companies’ finances, with more than 90 000 businesses now using it on a regular basis.