FNB sees increase in mobile banking uptake
There has been a significant increase in the number of African people using mobile banking services, it has been revealed.There has been a significant increase in the number of African people using mobile banking services, it has been revealed.
South Africa's First National Bank (FNB) explained it saw transactions increase by 150 percent year-on-year in December 2011, SouthAfrica.info reported.
While operations in Botswana recorded growth of 126 percent in the timeframe, this figure was 155 percent in Namibia, 308 percent in Zambia and 227 percent in Swaziland.
The bank has also seen uptake of its eWallet service increase, which reduces the gap between banked and unbanked citizens by allowing them to send and receive money instantly using their handsets.
FNB Chief Executive Officer of Cellphone Banking Solutions Ravesh Ramlakan said: "Our ability to adapt the service for use on any cellphone has been an important driver of this growth."
A report released last year by World Wide Worx revealed people in South Africa aged between 26 and 34 are more likely to use mobile banking services than those over the age of 45. Males were also found to use the solution more than females.