FNB records a rise in the use of [email protected] withdrawals

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FNB expects consumers to increasingly use [email protected]™ services to meet cash related needs in a convenient and cost-effective manner. In the last financial year, the Bank’s Retail customers withdrew in excess of R14 billion via [email protected]™ at Shoprite, Checkers, Pick n Pay, selected Spar, Boxer and Usave stores.

Following the announcement of the national lockdown, [email protected]™ volumes increased every month, reaching a 13% increase Month-on-Month (MoM) on average. This equates to a 103% increase in cash withdrawn via [email protected]™ from April to October 2020.

FNB Retail and Private Banking CEO, Raj Makanjee says, “The service was launched in 2012 to provide consumers the ease and convenience of accessing cash by withdrawing at retailers. While ATMs are by far the most popular channel for cash withdrawals, we also believe that customers should be maximising the multi-purpose nature of ATMs as well as card swipes while leveraging the convenience of [email protected]™ where possible. [email protected]™ significantly expands the network of infrastructure where our customers can get cash, in addition to our footprint of over 5 500 ATMs.”

As of July this year, the Bank zero-rated the service, allowing customers to withdraw at no cost, saving them service fees while shopping at their favourite supermarket. Following the move to zero-rate the service, FNB saw a 9% YOY increase by senior customers withdrawing R120m at tills in October 2020.

“We appreciate that customers still have a high demand for cash and to help minimise incurring fees, we therefore encourage the use of alternative channels that are convenient, secure and safe. While [email protected]™ was designed to provide all our customers with added convenience and reduced fees, we believe that it can be an essential tool to help customers to manage their money better, especially those with limited income. In most cases, we find that customers in entry markets have more cash needs due to requirements such as public transport and cash economies where they reside. This for us is testament of the convenience and relevance of this service, especially to the most vulnerable in our society”, adds Makanjee.

FNB customers can withdraw [email protected]™ for free at Shoprite, Checkers, Pick n Pay and selected Spar, Boxer and Usave stores. Customers can simply swipe to pay using their bank cards at a participating retailer to withdraw cash at the till in a safe and convenient manner. As of July this year, all FNB’s Retail customers also benefited from free airtime and data when buying airtime and data via the FNB App and FNB.mobi. Furthermore, the Bank announced that its Retail customers monthly account fees will remain unchanged.

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