Take-up of FNB mobile banking increases in Africa
There has been an increase in the number of South Africans adopting mobile banking services from First National Bank (FNB).In December 2011, it processed over 25 million transactions worth more than R2.7 billion (€263 million), compared with R1.7 billion the same time the previous year, the New Age reports.
The financial institution claimed this is because consumers consider it a safe and convenient way of transferring money.
Chief Executive of FNB Ravesh Ramlakan explained that over Christmas, more than 600,000 people visited the bank's mobile website.
"Anyone on any cellphone network can use it. There are no complicated downloads or special SIM requirements and registration is free," he added.
Furthermore, the solution is beneficial to consumers because it enables them to access banking services at any time, no matter what their location.
Speaking to How We Made It In Africa last year, Chief Executive of First National Bank eWallet Solutions Yolande van Wyk explained mobile banking is one of the fastest growing sectors in the South African financial services industry.