It’s about time FNB’s eWallet got a makeover, and what better way to do it than by bringing it to WhatsApp? That’s exactly what First National Bank has done, all in an effort to create a simpler “digital entry point” into banking for potentially underbanked users. Users can allegedly climb aboard in just a few minutes.
Previously, eWallets could only be created when an FNB client sent money to their recipient. Now? New customers can create an eWallet via WhatsApp. Add this number to your contacts — 087 392 5538 — and shoot over a simple ‘Hi’. You’ll be greeted with a list of features and the ability to hit ‘Continue’. You know the rest.
Welcome to WhatsApp, FNB
“For over a decade, eWallet has enabled millions of South Africans to send and receive money safely and conveniently. This evolution strengthens that foundation by introducing a more seamless, secure, and intuitive digital wallet for customers who need simple and affordable solutions,” said Lytania Johnson, CEO of FNB personal segment.
In the past year alone, more than R43 billion was passed around with eWallet. It’s bound to see a higher influx of transactions now that it’s on WhatsApp and offers something called ‘Cash Advance’. Users can borrow anywhere between R50 and R500, all through the WhatsApp portal. Electricity, airtime, and entertainment vouchers can also be purchased through their eWallet.
This ‘enhanced’ eWallet, as FNB calls it, aligns itself with SA’s “broader payments modernisation agenda, including interoperable payment services such as PayShap.” Payments made to an FNB wallet or account will cost R1 each, while a non-FNB customer will see a R3.50 charge instead.
As for the fees involved, simply having an eWallet won’t result in any unnecessary charges to your account. Sending an eWallet, on the other hand, will cost users R10. The recipient pays no withdrawal fees. It’s worth noting that eWallet on WhatsApp is “not available to customers with an existing FNB bank account or where a cellphone number is already linked to an FNB account.”
