Mobile banking just got a whole better with FNB launching a free bank account that requires no bank membership or paperwork.
After statistics revealed that a very large number of people do financial transactions on their mobile phones, FNB decided to develop an application with the “unbanked” masses in mind. After 2 years of planning and development, eWallet Extra has been introduced.
eWallet Extra will function as a stand-alone bank account for anybody who is a South African citizen and in possession of a mobile phone. FNB Head of Transaction Products, Gugu Zikhali said that “You’ll be able to get a mobile bank account with a unique account number in less than three minutes.” FNB boasts the fact that no paperwork is required, your registration merely requires your name, surname and ID number.
Account holders will be given access to a secure mobile bank account which will allow users to withdraw money from FNB ATM’s; send and receive deposits; and purchase products like data, airtime and electricity. Users will have a daily limit of R3000 and a monthly limit of R24 000. It is however worth noting that fee’s will kick in once customers begin transacting on the account.
Choosing FNB eWallet Extra will give customers access to a secure mobile bank account; quick registration (as fast as 3 minutes on the phone); no tedious paperwork to complete; no need for a bank card; and no basic month account fee’s.
FNB may have revolutionised mobile banking but the product is only expected to be officially rolled out between the end of May and mid-June. Until then, we can only hope the banking giants deliver on the ambitious promises they’ve made. If eWallet Extra proves to be successful, which it very well may, the other banking giants in South Africa are likely to be compelled to introducing a similar banking product.
To register for eWallet Extra:
– Dial *120*277# on your mobile
– Follow the voice prompts