FNB has introduced WhatsApp access to its eWallet platform, allowing users to send and manage money directly through the messaging app. Picture Credit: ITWeb
By Aisha Zardad
South Africa – First National Bank (FNB) is expanding its eWallet platform by introducing WhatsApp as a new access channel, allowing users to send and manage money directly through the messaging platform.
The move forms part of a broader update to the eWallet service aimed at making digital financial services more accessible, particularly for entry-level users.
FNB eWallet executive Hema Morar said the updated platform is designed to combine the simplicity of a digital wallet with some of the functionality typically found in a full bank account.
Morar explained that the decision to add WhatsApp as a channel was driven by the platform’s widespread use among eWallet customers.
More than 90% of eWallet users already use WhatsApp, she said, making it a natural channel for expanding access to the service.
Through the secure WhatsApp channel, registered users will be able to interact with the service using a PIN to protect transactions. The same functions will remain available through USSD for customers who do not use smartphones.
“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.
Over the past 17 years, eWallet has become a gateway into the formal banking system for many South Africans who previously had limited access to financial services.
Its core user base includes informal traders and workers such as handymen, seasonal farm labourers, construction workers, domestic workers and street vendors.
Remittances from urban to rural areas remain one of the key drivers behind eWallet’s usage.
Morar said the platform helps build trust between recipients and the formal financial system, and in some cases leads to users eventually converting their wallets into entry-level bank accounts.
However, the bank faces two key challenges: many recipients withdraw their funds immediately after receiving them, and a large number of users do not meet regulatory requirements needed to open full bank accounts.
To address this, FNB has expanded the services available within the wallet.
In addition to buying electricity and airtime, users can now send and receive money between eWallets and other bank accounts using traditional electronic funds transfers or PayShap’s real-time payment system.
The transaction history created through wallet activity also allows lenders to build a digital footprint that can be used when assessing customers for credit.
One of the latest features introduced to the platform is a credit advance facility ranging from R50 to R500, offered to users based on their individual transaction history.
Customers who demonstrate positive repayment behaviour may gradually qualify for larger advances over time.
In line with Financial Intelligence Centre Act requirements, eWallet transactions are limited to R3,000 per transaction, and total wallet balances cannot exceed R25,000.
The upgrade comes as competition intensifies in the market for underbanked customers, with fintech services from mobile operators such as MTN’s MoMo and low-cost banking options from challengers like GoTyme Bank gaining traction.
“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.
