Lonwabo Mtyeku | Image Credit:Supplied
Johannesburg – First National Bank (FNB) has recorded a major digital banking milestone, with its customers sending R42 billion through eWallet over the past 12 months, underscoring the rapid acceleration of mobile money adoption and the growing role of digital platforms in South Africa’s financial ecosystem.
In total, 69 million eWallet transactions were processed during the year — averaging nearly 1.5 million transactions per month — highlighting the platform’s continued dominance as one of the country’s most trusted and widely used digital money transfer solutions.
Driving Financial Inclusion Through Innovation
The sustained growth of eWallet reflects FNB’s strategic focus on creating accessible, affordable and user-friendly financial tools that bring more South Africans into the formal banking system.
“The remarkable growth in eWallet transactions shows that our customers truly value smart and simple ways to transact,” said Hema Morar, Executive Head of FNB eWallet. “It also confirms that our innovation strategy, rooted in making banking more helpful and accessible, is delivering real value.”
eWallet has become a cornerstone of FNB’s financial inclusion agenda by enabling unbanked and underbanked individuals to receive, withdraw and use money securely — without requiring a traditional bank account.
Strong Growth Across Digital Channels
Beyond send-money functionality, customers actively engaged with a broad suite of eWallet-enabled financial services over the past year:
- ATM cash withdrawals: 69 million
- Retail cash @ till transactions: 1.8 million
- Retail point-of-sale purchases: 18.8 million
- Prepaid purchases (airtime, data and electricity): 11.8 million
- Prepaid vouchers (introduced in 2025): Close to R1 million in vouchers issued
These figures demonstrate eWallet’s evolution into a comprehensive digital wallet that supports everyday transactions, shopping, prepaid utilities and entertainment services.
Expanding Access Through Retail Partnerships
FNB has significantly expanded eWallet’s cash-out and spending footprint by partnering with leading national retailers and fuel station networks. Recipients can now access funds at Pick n Pay, Checkers, Shoprite, Usave, PEP, and soon Ackermans, improving convenience for communities across urban and rural areas.
Users can also send up to R15 000 per transaction, depending on their product profile, while prepaid purchases allow seamless access to electricity, airtime and data.
Vouchers Power Cash Digitisation
The introduction of eWallet vouchers in 2025 has accelerated FNB’s cash digitisation strategy. Through the USSD platform, recipients can now purchase digital vouchers for major brands including Netflix, Showmax, Spotify, Uber, PlayStation and Blu Voucher, reducing reliance on physical cash and enhancing safety.
By June 2025, 213,950 vouchers worth R25.3 million had already been purchased using eWallet — clear evidence of rapid customer uptake.
Empowering Everyday Financial Life
“The versatility of eWallet allows customers to send money, make purchases and manage finances seamlessly,” Morar added. “We are excited by the positive impact this has on our customers’ daily lives and remain committed to evolving the platform to meet changing needs.”
FNB Personal Segment Advisory Executive Head Nthabiseng Manamela emphasised the broader socio-economic significance:
“Nations grow and advance when financial inclusion becomes the norm. Our continued innovation is aimed at empowering communities and fostering economic participation across South Africa.”
Recognised as an Icon Brand and category winner in the Money Transfers category at the Ask Afrika Icon Brands Benchmark Survey, eWallet continues to define the future of digital money movement in South Africa — securely, affordably and inclusively.
