FNB says 62% of all prepaid electricity purchases processed by the bank are made via cellphone.
Prepaid electricity purchases have seen year-on-year growth of about 30% in both transaction volume and value.
"Long gone are the days of having to travel to a retail store to top-up your electricity meter when the lights go off," says Dione Sankar, head of cellphone banking and messaging at FNB. "Instead customers can recharge instantly using their phones," she says.
Over the years banks have introduced various ways to bank, including mobile banking, which allows customers to bank whenever and wherever they want.
"Cellphone banking is a popular and convenient channel for most South Africans who may not have easy access to traditional forms of banking like branches or ATMs," says Sankar.
According to the World Wide Worx 2012 Mobility Report, cellphone banking is the third most popular method of banking in South Africa after ATMs and branch visits.
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