FNB Cellphone Banking cash withdrawl a success

FNB has announced that its customers have withdrawn more than R79 million using Cash Withdrawal via Cellphone Banking

August 29, 2011

Cash Withdrawal using Cellphone Banking is a solution that enables FNB customers to withdraw money from an FNB ATM without the need of a bank card directly from their transactional account.

Ravesh Ramlakan, CEO of FNB Cellphone Banking Solutions says, “We are overwhelmed by the customer take-up of this solution. We believe this is due to the safety and convenience of Cellphone Banking.”

“In hindsight, with Cash Withdrawal there’s no risk of card skimming, as the customer does not need to use their bank card at the ATM,” adds Ramlakan.

The bank launched this solution in March this year — the first of its kind in the South African and African market.

“Technology has enabled us to respond quickly and proactively to our customers’ needs by providing them with innovative solutions. We’ve found that very few people forget their cellphones at home when going to work for example, but quite often people forget their wallets or misplace their debit cards in the car and only realize they don’t have their wallets or debit card when they get to an ATM. Cash Withdrawal becomes the obvious choice in these instances,” notes Ramlakan.

Ramlakan points out that banking in South Africa is currently at an exciting phase. South Africa is at the forefront of shaping banking trends in Africa and possibly influencing some of the worlds banking trends. We are still one of the few countries where the number of cellphone banking users surpass those on online banking and the only one in Africa to offer a cardless cash withdrawal solution.

“There is no doubt that cardless solutions are the future of banking. We expect to see more banks adopt cardless ATM withdrawal solutions in the near future, given the current popularity and market demand for the service,” concludes Ramlakan.

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