Namibia: Electronic Wallets By the Million

When banks worldwide are breaking their necks to launch appropriate mobile payment systems for retail clients, FNB Namibia has apparently hit it right on the head with their very popular eWallet.

This week the bank announced it has passed the one million mark for eWallet transactions during May. It translates to a very large percentage of the population now using the bank's convenient mobile payment platform. FNB stressed earlier that eWallets are available for any person and not only for the bank's own clients.

The user data confirms the wallet's universal popularity. Desery van Wyk, Manager of Cellphone Banking at FNB said "We are super excited about this achievement as eWallet has been one of our biggest success stories regarding financial inclusion ever since its launch in 2012.

eWallet has steadfastly assisted all unbanked citizens with access to banking facilities without a bank account or bank card." FNB Namibia launched a competition for the 1 millionth eWallet, stating that it was excited that so many Namibians have been exposed to the product, realizing that an FNB eWallet is safe and convenient.

It assists many people with no formal banking to send and receive money. Van Wyk said "Our winner of the competition, who sent the 1 millionth eWallet is Simeon Sprian from the Erongo region.

He won 1 million cents or N$10,000. Sprian said "I am extremely happy with my prize which I will use to help my family and also save a bit for the future.

I use eWallet a lot as I am not always in town to send money and I think it is a fantastic product." Namibia continues to contribute 49% towards the FNB International's growth in eWallets (number of eWallets opened). There are more than twice as many eWallets created as the number of Cellphone Banking users.

This product has a base of more than 1 million electronic wallets and 73% is active. FNB also introduced the Bulk send towards the end of last year which offers business customers the convenience of sending bulk eWallets via Online Banking for Business.

SOURCE:NAMIBIA ECONOMIST