…recorded in May alone
BY DELISA THWALA
MBABANE – How can we help you?
This tagline by First National Bank (FNB) is proving to be true to a number of customers, as the bank has revealed that in May, they had over 40 000 monthly CashPlus users.
This was revealed by Mncedzi Ngomane, Executive Head of Retail. He said to match this they have increased their national CashPlus footprint, and as of June 2023.
Customers are said to enjoy buying electricity and depositing cash.
“The growing popularity of CashPlus as an alternative banking channel is proven by the 45 500 customers using its services in May alone. FNB has brought banking closer to where people live, and customers are responding massively,”
“Buying electricity, depositing money, and withdrawing eWallets are the top services customers access at various FNB CashPlus Agents in the country. In May 2023, customers bought electricity worth E1.1 million through CashPlus and deposited E45 million without needing to access a branch or ATM to do so.
CashPlus has also helped customers with a more affordable and convenient way for eWallets sent home to be withdrawn by their families,” said Ngomane.
He further said, in an effort to increase access to banking for their customers who live outside of the urban areas where branches and self-service devices are mostly located, FNB launched CashPlus, a solution geared at reducing the distance customers needed to travel to reach the bank’s service points. CashPlus was developed on the premise of bringing basic banking services closer to the homes of customers.
According to a CashPlus user, Temlandvo Hlophe, CashPlus allows her to send money home to Zombodze from Mbabane.
“The nearest ATM from Ekhaya is quite a distance, and it was always such a hassle for my mother to access the money I send her monthly. With CashPlus, now my mother sends my younger brother to the shop near our home to withdraw the money or even buy electricity units,” she said.
Worth noting is that the CashPlus model not only drives financial inclusion by making banking services more accessible, but it also empowers Small and Medium Enterprises (SMEs) who become agents through the increased foot traffic in their establishments.
The types of businesses and sectors already benefiting from the CashPlus model as part of the 500 agents are widespread. Some of the SMEs also running as FNB CashPlus Agents include Agri feed shops, boutiques, bottle stores, butchery, driving schools, filling stations, general dealers, grocery stores, hardware, motor spares, post offices, laundry, milling, prepaid shops, print shops, restaurants, stationery shops, supermarkets, and wholesalers.
