Tuesday, September 05, 2017
Women are steadily catching up to men when it comes to cashing in on the convenience of sending and receiving money via eWallet on the FNB App. The latest data revealed by FNB eWallet Solutions shows that in the six months to June 2017 the percentage eWallet sends by male users on the FNB App stabilised at 62% while sends by female counterparts increased to 38%.
Sandi Madikiza, CEO of eWallet Solutions says while the gap is still relatively large, they continue to see a steady rise in the number of women who are making use of eWallet on the FNB App to send and receive money.
“The gap in eWallet sends between female and male could be influenced by a number of social and economic dynamics, however closing it is very important for financial inclusion. We expect the increasing adoption of smart technology to play an important role in closing some of these gaps, which to some degree serve as an indicator of where we are in terms of financial inclusion.”
Madikiza’s view is consistent with the findings of the 2017 research by the Boston Consulting Group, titled Improving Financial Inclusion in South Africa. The research found that embracing technology-enabled solutions is one of the factors that are vital in addressing financial inclusion.
“As more people migrate to digital platforms to conduct their day to day banking and general lifestyle management, it’s only a matter of time before we see a major shift in how people send and receive money. The convenience of accessing a solution like eWallet via an App is absolutely critical,” he adds.
In South Africa, the cost of data has been one of the barriers to rapid digital migration and the fact that major banks are zero rating their apps is a massive boost for consumers. FNB recently announced its move to zero rate its banking app across all major networks, stating that data should not be a barrier to convenient and safe banking.
“The future is mobile”, says Madikiza. “The manner in which people manage and move money will be heavily influenced by the technology they have at their disposal. While channels such as branch banking are still important to many consumers who want the assurance of human interaction, we expect many more to start showing greater appreciation for the benefits of safer and convenient channels such as accessing eWallet through the FNB App,” concludes Madikiza.