FNB to launch m-wallet for South Africa’s underbanked
South Africa’s First National Bank (FNB) is launching a mobile bank account for the country’s unbanked and underbanked segments of the population.
The account, called eWallet eXtra, comes with no monthly fees and requires no paperwork to set up. Everything is done on a mobile phone – consumers will have to provide their ID number and name to get eWallet eXtra – and completed in just three minutes.
Users will be able to send/receive money, withdraw from FNB ATMs or at participating retailers, make purchases and pay utility bills.
Daily spend limit is ZAR 3,000 ($250) and the monthly one is ZAR 24,000 ($2,000).
The bank estimates the size of the market for this m-wallet service at over 11 million people. It will be launched in June.