First National Bank Botswana (FNBB) last week announced the launch of another groundbreaking payment solution in the market, further making payments easier for its businesses, commercial and corporate customers. The leading commercial bank launched its latest digital banking solution, eWallet bulk send in Gaborone.
FNB Business Director, Ogone Madisa-Kgwarae said at the launch that the eWallet bulk send was an amplified version of FNB eWallet. The payment solution allows business account holders to send money to multiple recipients at a go through the online banking enterprise platform. Madisa-Kgwarae said the solution enables businesses to perform multiple eWallet payments to an unlimited number of recipients; and is available through the FNB online banking enterprise platform for business accounts.
“At FNB, we always strive to transcend the boundaries of conventional banking in order to continuously provide customers with convenient solutions. The eWallet bulk send solution augments our efforts to promote financial inclusion by banking the unbanked, since eWallet recipients do not need to have a bank account,” she said.
She further explained that when a business account customer uses eWallet bulk send, an electronic transaction is created to send funds from their account to their chosen list of recipient mobile numbers. The recipients can then access the funds by dialing *130*392# and make withdrawals at any FNB ATM, ATM Advance or Slim line ATMs across the country.
“eWallet is more than just a money payment or transfer service as it allows the wallet holder to perform a variety of transactions including purchasing prepaid airtime and electricity,” said Madisa-Kgwarae.
There are no charges for withdrawals at ATMs for the first transaction. eWallet bulk send recipients can access all their funds immediately or may alternatively choose to withdraw part of the money and keep the rest in a wallet for future use.
“Our FNB ATM network is central to the success of eWallet with its extended footprint across the country. New banking technologies such as the FNB app introduced last year and the mobile ATMs, are helping us reach remote and rural communities as well as encouraging the growth of eWallet,” said Madisa-Kgwarae.
The eWallet bulk send solution comes after the successful introduction of eWallet to the Botswana market for individual transactions in 2010, which has to date facilitate transactions worth over P3 billion. When releasing the FNBB financial results about a month back, CEO Steven Bogatsu expressed optimism that the fundamentals of the bank’s strategy remain sound. Bogatsu stated that it is clear from their December performance that FNB is in recovery mode, notwithstanding the challenging economic conditions.
“The bank continues with its policy of embedding its segmentation model aimed at providing tailor-made products and solutions and superior service in line with customer-centric strategies, and accordingly is well positioned in what is a very competitive banking environment,” he said.