Cell phone banking is growing in popularity

A survey conducted by the South African Advertising Research Foundation during the 2011 has revealed that FNB has the largest market share for Cellphone Banking.

The survey shows that FNB’s Cellphone Banking market share amounts to 33 %. In the last three years the average monthly transaction value processed on the channel exceeds R 2 billion. The service attracts a diverse market of techno savvy and ordinary cellphone users.

Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions says, “Cellphone Banking remains at the forefront of innovative banking and has found its adopters mainly amongst young people under the ages of 40.”

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The survey shows that FNB has the highest proportion of Cellphone Banking users between the ages of 19 to 40 years, with 75 % of users in this age group. This indicates its popularity among younger consumers. 2 % of consumers are under 18, with 20 % of Cellphone Banking users being between the ages of 41 to 60 years and 3 % are over 61 years old.

The increased adoption of Cellphone Banking by consumers is indicative of the need for innovative banking solutions.