The latest product is a payment solution by FNB that will allow for monetary payments and transactions to be credited to cell phone wallets and cards by users. Just like cheques, eWallet Pro allows account holders to send and pay debtors only that this time around it will be done digitally or on a debit card basis. Through the eWallet Pro, companies can finance their payroll on a continuous basis to withdraw cash for corporate use with a daily limit of P10,000 and the bank will provide card-based options to users.
To qualify for eWallet Pro, one must be an FNBB Corporate or business customer with an active account and registered on Online banking. Speaking recently at the launch, Rand Merchant bank director , Kapumpe Chola Kaunda said as a bank they continuously thrive to stay ahead of the market in order to gain a competitive advantage ahead of other banks hence the launch of this product ahead of the cheque phasing out.
“We know as a bank that we ought to constantly improve our customer experience in order to stay ahead, and as market demands change we strive to be innovative enough to stay ahead of the curve and that is why we are responding to the cheque phasing out early,” she said. FNBB officials revealed that with the eWallet Pro they are replacing paper with a card and the eWallet Pro will digitise all operations formally carried out by cheques such as merchant payments and petty cash financing.
On his part, FNBB CEO, Steven Bogatsu said as a bank they are on a journey to “cash reduction”, citing that the growth of online platforms to facilitate payments will change the industry and revolutionise banking as it is known orthodoxically.
“The bank of the future will not just be digitally savvy, but it will have practical deep understanding of the customer needs and we are pushing for that. We are growing and promoting the use of digital platforms for payment because they are safe and they are the future” he said.
