FNB is expanding its eWallet platform and adding WhatsApp as a channel to broaden its reach.
Speaking to TechCentral earlier this week ahead of the formal launch, Hema Morar, FNB eWallet executive, said the bank has updated eWallet to give entry-level users the simplicity of a wallet with some of the functionality of a full bank account.
More than 90% of eWallet users are already on WhatsApp, Morar said, which led FNB to make eWallet features available via a secure WhatsApp channel. Once registered, users secure their interactions with a Pin. The same functionality is available via USSD for non-smartphone users.
“Once customers are introduced to the eWallet, they tend to use it as an entry-level bank account. There is also a large number of people in informal settlements who cannot provide accurate or reliable proofs of address required to open bank accounts. FNB is urging customers to engage in digital purchases and payments via their eWallets,” said Morar.
eWallet’s core target market includes informal traders such as handymen, seasonal farm workers, household helpers, construction workers and street vendors. Morar said that in the 17 years eWallet has been available, it has served as a gateway to formal banking for underserved parts of the population.
Twofold challenge
Urban-to-rural remittances remain one of eWallet’s strongest drivers. Morar said the service builds trust between recipients and the formal banking system, and in some cases leads to the conversion of electronic wallets into entry-level bank accounts.
The challenge for FNB is twofold: many eWallet recipients immediately withdraw their funds on receipt, and most do not meet the regulatory criteria to qualify for full bank accounts.
To address this, the eWallet team has expanded the range of in-wallet services. Beyond purchasing electricity and airtime, users can now send and receive money between eWallet accounts and other bank accounts using traditional EFT or PayShap’s rapid payment rails.
Read: FNB cuts Speedpoint fees, pushes card terminals as SME platforms
The digital footprint created as users transact through their wallets gives lenders a trail they can use to make credit-vetting decisions.
One of eWallet’s new features is a credit-advance facility of between R50 and R500, available to users on an individualised basis. Positive payment behaviour increases a user’s score, unlocking larger advances over time.
To comply with Financial Intelligence Centre Act requirements, eWallet transactions are capped at R3 000 and accounts cannot hold more than R25 000.
The revamp comes as competition for underbanked customers hots up, driven by fintech offerings from mobile operators like MTN’s MoMo and low-cost banking solutions from rivals such as GoTyme Bank.
“Every enhancement we’ve made is designed to make life a little easier for someone, whether it’s a parent sending money home, a young person taking their first step into digital banking or a small business owner transacting safely,” said Morar. — (c) 2026 NewsCentral Media
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