FNB's e-wallet is a sensation

LEKOPANYE MOOKETSI
Correspondent | Thursday April 14, 2011 00:00

The service is accessible to any customer who has cellphone banking or can transact at an ATM and all FNB branches in Botswana are fully equipped to assist customers with the e-wallet service.

FNB introduced the e-wallet send money service in December last year. Through this service, FNB customers can send money to other people within the country by cellphone. Even people who are not FNB customers can receive money sent to them from FNB ATMs. Kubu, who is the bank's Head of Electronic Banking Division, says the demand for the e-wallet service 'has been awesome'. Even non-FNB customers are inquiring about the service, and although he does have figures at hand, Kubu says the bank has new customers who have opened accounts with FNB because of the service.

Some of the new customers must have experienced the service when an FNB customer sent them money through the service which Kubu says is 'very easy' to access because prompting instructions are given on the phone. 'It is interactive, as long as you communicate via SMS,' he says. 'You could also communicate with us. If you want to register for a technology product, you don't have to come to the bank.  Our customers should be able to transact without coming to the bank.' The FNB executive says while use of the facility cuts across Botswana, people send money to each other even within Gaborone.  There are also customers who send money to themselves after discovering that they forgot their wallets at home.

The bank executive says some people have different accounts but may want to exchange money. The service is utilised in all areas where FNB has ATMs.

Kubu says FNB has not experienced any serious challenges since the inception of the service. The only 'problem' is the confusion that when some people have been sent money through e-wallet, they assume that the money will be deposited into their accounts.

Kubu explains that money sent through e-wallet does not go into bank accounts but can only be accessed through an ATM.  'You have to cash the money from an ATM,' he says, adding that the money will not be reflected in a normal bank statement. Kubu says there is a need to conduct customer education on some of these issues..