First National Bank (FNB), a division of FirstRand, has launched its new cellphone banking offering, making every handset in South Africa a banking channel. The new service uses SMS technology for customers to conclude banking transactions, increasing mass-market reach and adding functionality.
In line with the requirements set out by the Financial Services Charter to take banking to the unbanked market, FNB Cellphone Banking is ready for the masses. There are no complicated downloads or changes to the customers’ phone settings needed in order to get connected, it says.
FNB will be overcoming the barriers of entry to mobile banking that accompanied WIG and WAP, as SMS-based cellphone banking has no special requirements in terms of handset make or model, or SIM card to be used.
Len Pienaar, CEO of FNB Mobile and Transact Solutions, comments: “We are very excited about the reach FNB Cellphone Banking will now have, especially for people who don’t have access to state-of-the-art cellphones. It is the perfect opportunity to bring the benefits and conveniences of
banking to those that don’t have access.
“FNB harnessed the power and functionality of the cellphone more than three years ago when it introduced inContact, a free message service that sends customers a real-time SMS confirming all transactions taking place on their FNB accounts.
“This world-first in the banking industry was well adopted by FNB customers, who quickly saw the benefit of keeping a finger on the pulse with their transactions and the potential for early fraud prevention. Currently 1,5-million customers receive these SMS notifications.
“The new cellphone banking offering is a natural extension from the pioneering beginnings of the inContact service,” adds Pienaar.
“Research has shown that cellphones are the most accessible banking channel across all segments; the reach is enormous. There are also no exclusions in terms of the cellphone networks. Vodacom, MTN and Cell C customers can all make use of FNB Cellphone Banking, whether on prepaid or contract,” he says.
FNB Cellphone Banking enables customers to:
- Buy MTN, Vodacom or Cell C prepaid airtime for themselves or for someone else;
- Check their account balance;
- Get a mini statement (shows the last three transactions);
- Transfer money between their own FNB accounts;
- Check the status of their prepaid airtime purchases (shows the last three transactions); and
- Receive real-time confirmation of financial transactions (inContact).
Registration for the service is free. Charges are affordable and, in addition, Mzansi clients enjoy certain discounts. — I-Net Bridge