69 million eWallets were sent in last 12 months
First National Bank’s (FNB) customers have sent R42 billion via eWallet over the past 12 months, reflecting a growing trend in digital financial transactions and mobile money transfers. In total, 69 million eWallets were sent, averaging approximately 1.5 million transactions per month. This increase in eWallet usage highlights the convenience and accessibility of digital banking solutions, with a notable year-on-year rise in customer usage. The eWallet platform has played a crucial role in FNB’s drive towards financial inclusion by enabling more individuals to access essential banking services and actively participate in the economy.
Hema Morar, Executive Head of FNB eWallet, states, “The remarkable growth in eWallet transactions shows that our customers really value smart, simple ways to transact. It also tells us that we are on the right track when we aim to innovate around the concept of ‘help’ and providing customers with accessible banking solutions. We’re thrilled to see our customers embracing our digital platforms to manage their finances more effectively.”
Beyond eWallet Send Money transactions, customers also engaged in various other financial activities. Over the past year, the following transactions were recorded:
- ATM Cash Withdrawals: 69 million
- Cash @ Till Transactions: 1,8 million
- Retailer POS Purchases: 18,8 million
- Prepaid Purchases (including airtime, data, and electricity): 11,8 million
- Prepaid Vouchers (new offering launched in February 2025): Close to R1 million in vouchers
The growth of eWallet is helping FNB meet its financial inclusion objectives by creating products that meet consumers’ expectations for seamless, convenient, and secure ways of sending and receiving money. “The growth in transactions is also a clear sign of the impact we are making in the lives of South Africans through solutions that are easily accessible, helpful for their daily lives, and available through our safe digital channels,” adds Nthabiseng Manamela, Executive Head, FNB Personal segment Advisory.
The popularity of eWallet indicates that FNB’s efforts to provide more South Africans with convenient and cost-effective financial services solutions are gaining traction. The current eWallet offering allows recipients to cash out at FNB ATM networks, selected retailers, FNB standalone merchants and several fuel stations.
eWallet also enables the purchase of prepaid airtime, electricity vouchers and enables customer to send eWallet to the value of up to R15 000 based on their product offering. In addition to meeting customers where they are, we’ve expanded our eWallet cash-out options through partnerships with leading retailers. Recipients can now easily access funds at Pick n Pay, Checkers, Shoprite, Usave and PEP, with Ackermans joining the network by the end of November.
Vouchers on eWallet were launched in February 2025, allowing eWallet recipients to conveniently purchase vouchers on the eWallet USSD dial string. The voucher offering provides eWallet users access to vouchers redeemable at various service providers, vouchers include 1Voucher Blu Voucher, Netflix, Showmax, Sony Playstation, Spotify, Uber and more. By June 2025, a total of 213,950 vouchers were purchased using eWallet, to the total value of R25.3 million. The ‘buy vouchers’ feature was primarily introduced to drive the cash digitisation strategy for wallet, keeping customers safer and transactions easier, by moving more transactions online.
“The versatility of our eWallet platform allows customers to not only send money but also make purchases and manage their finances seamlessly. We are excited about the positive impact this has on our customers’ daily lives and will continue to enhance our offerings to meet their evolving needs,” added Morar.
The eWallet was named an Icon Brand and a category winner in the Money Transfers Category the 2022/2023 Ask Afrika Icon Brands Benchmark Survey.
“Nations grow and advance when financial inclusion becomes the norm, ensuring that all individuals, regardless of their background, have access to essential banking services. Our ongoing efforts to innovate and expand out digital offerings are aimed at empowering communities while fostering economic participation,” concludes Manamela.
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