First National Bank (FNB) has announced a significant expansion of its eWallet platform, integrating WhatsApp as a primary service channel to deepen its reach among South Africa’s unbanked and underbanked populations. The update aims to transform the platform from a simple remittance tool into a functional entry-level “digital account” for those who struggle to meet traditional banking requirements.
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With more than 90% of eWallet users already active on WhatsApp, FNB has introduced a secure channel where customers can manage their funds via the messaging app. For users without smartphones, the same functionality remains available through USSD. According to Hema Morar, FNB eWallet executive, the goal is to provide the simplicity of a digital wallet with the robust security and utility of a formal bank account.
The platform is a lifeline for seasonal workers, street vendors, and individuals in informal settlements who often lack the proof of address required for standard FICA-compliant accounts. By encouraging digital payments over immediate cash withdrawals, FNB hopes to build greater trust in the formal financial system.
To combat the trend of recipients withdrawing their total balance instantly, FNB has expanded the suite of in-wallet services. Users can now perform the following:
- Enhanced Transfers: Send and receive money via traditional EFT or the PayShap rapid payment system.
- Value-Added Services: Purchase airtime, data, and electricity directly within the interface.
- Micro-Credit: Access a new credit-advance facility ranging from R50 to R500.
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The credit feature is particularly innovative, as it uses the digital footprint of a user’s transactions to make lending decisions. Positive repayment behaviour increases a user’s internal score, unlocking higher credit limits over time.
FNB’s move comes at a time of intensifying competition in the fintech space. Mobile operators like MTN (with MoMo) and digital-first rivals such as GoTyme Bank are aggressively courting the same demographic.
To remain compliant with the Financial Intelligence Centre Act (FICA), eWallet accounts are subject to specific limits: transactions are capped at R3,000, and total account balances cannot exceed R25,000. Despite these constraints, Morar believes the enhancements will make life easier for everyone from parents sending money to rural areas to small business owners looking for a safe way to transact.
