FNB launches unique eWallet service

LEKOPANYE MOOKETSI
Correspondent | Friday December 10, 2010 00:00

 

The new service is used for transferring money to people with cellphones, journalists were briefed during a press conference yesterday. 

Bank officials said FNB customers can send money instantly to anyone who has a Botswana cellphone. 

The receiver does not need to have a bank account or a bank card to access the money.  They can simply withdraw their money from one of the ATMs machines. Recipients, who are not FNB customers, are provided with temporary PIN numbers that they could use to access the ATMs.

'FNB's eWallet Send Money service offers money senders an instant and secure money transfer service, as well as offering receivers various electronic transaction options,' says Thato Kubu, manager of electronic banking at FNB.

The receiver gets an automated SMS telling them how much money has been sent and instructing them how to get the money. 

The receiver can then request for a temporary ATM PIN to withdraw the money at FNB ATMs without the need for a bank card.

FNB's Segment Head of Public Sector, Yolisa Phillips-Lejowa said according to the FinScope Botswana 2009 survey, more than half of the adult population remains unbanked. She said many people still send money by bus, kombi or through friends.  She finds this to be costly, slow, insecure and unreliable.  She said the recipient also receives the money in cash and the likelihood of spending it all spontaneously is increased. 'The new FNB eWallet Send Money service is the perfect solution to these problems,' she said. 'FNB customers can send money instantly, at any time of the day or night, without having to wait for the branches to open the next day. 

'We are providing our customers with a secure way to send money to loved ones when they need it.  It is also incredibly simple to use.  When you consider our footprint you will realise that this is a truly national money transfer service,' said Kubu.  He said FNB ATMs are available in 100 locations country-wide including in small villages like Bobonong, Ramotswa and Thamaga.

The bank official said there are no bank charges for withdrawing at ATMs.  He said eWallet Send Money service receivers will have immediate access to all the money sent to them. 

'Withdrawals can be made in full, or receivers may choose to withdraw part of the money and keep the rest in a eWallet for future use.  FNB has put in place a number of consumer education initiatives in branches to ensure a better understanding of the sending and receiving process.'

Part of the attraction to the payment service is that it makes use of the cellphone. This device, which is being used by more than 90 percent of Batswana is closing the distance between sender and receiver. 

Through the use of the cellphone we are bringing innovative payment services to consumers from all walks of life.

With Send Money and other innovations from FNB, we are committed to bridging the gap between the banked and unbanked.  Through the use of innovative technologies we believe that we will be able to significantly change the way people manage their money,' said Phillips Lejowa. 

While addressing journalists, FNB chief executive officer, Lorato Boakgomo-Ntakhwana said the eWallet Send Money service is an instant solution for FNB customers to transfer money to anyone with a Botswana mobile phone. 

She said what makes this different from other bank's products was that the receiver does not need a bank account or bank card.  'Whilst the sender has to be an FNB account holder, all the receiver needs is a cellphone,' she said.

'It goes without saying that Botswana is an African success story.  We lead Africa in several development indicators. Nevertheless, far too many Batswana are what we, in the banking sector call - unbanked.

In numerical terms the unbanked constitute more than half the population of this country.  We at FNB believe that it is a great step forward for convenience.  Making efficient use of technology is a key priority for FNB.'

Boakgomo-Ntakhwana said the eWallet service offers a powerful proposition for their customers.

'We are shifting what is traditionally an over-the-counter transaction to an instantaneous experience that can be performed literally anywhere and at any time.  This is an extension of our efforts to offer more seamless and convenient banking choices to our customers,' she said. 

'Among other things our commitment to sustainability means that we are constantly exploring ways to reach out to the under banked sector and unbanked people in Botswana. 

And we recognise that our stature and pre-eminent position comes with a responsibility, to act in a sustainable way, to act in the national interest and to lead in the conquest of new frontiers in banking and transactional convenience.' She said the new service reduces the cost of transaction as the costs associated with putting up bricks and mortar and services related are drastically reduced.