FNB has revamped its eWallet service and added WhatsApp as a new channel, targeting underserved and unbanked populations in South Africa. Over 90% of eWallet users are already on WhatsApp, making it a natural extension. New features include money transfers between eWallet and bank accounts via EFT or PayShap, a micro-credit facility ranging from R50 to R500, and USSD access for non-smartphone users. The service targets informal workers and urban-to-rural remittance senders, with transaction caps set at R3,000 and account balances capped at R25,000 per FICA regulations. The move comes amid growing competition from MTN MoMo and GoTyme Bank for the underbanked segment.
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