After awaiting regulatory approval for over a year, First National Bank (FNB) Namibia, a unit of FNB South Africa, recently released its e-Wallet service, which allows customers to transfer funds via the mobile phones of individuals, including to recipients who do not have bank accounts.Each receiving individual is able to withdraw the funds at no charge from any of FNB Namibia’s 200 automatic teller machines (ATMs) using his or her cell phone and a temporary password. Calle Schlettwein, Deputy Minister of Finance in Namibia, reportedly stated that in a country with a population density of 2.5 people per square kilometer, financial service providers should develop technologies such as this to overcome the difficulties of cost and economies of scale caused by the widely spread populace. E-Wallet is an exclusive service offered by FNB South Africa and was first introduced in South Africa in 2009, and it reportedly handles ZAR 2 billion (USD 221 million) in daily transactions as of 2012. FNB’s e-wallet is currently offered in all countries it serves: South Africa, Bostwana, Lesotho, Tanzania, Zambia, Swaziland and now Namibia.
FNB Namibia is headquartered in Windhoek, Namibia. As of 2012, it reports total assets of NAD 19.7 billion (USD 2.19 billion), total loans of NAD 16.8 billion (USD 1.86 billion), return on assets of 2.6 percent, return on equity of 24.3 percent and total deposits of NAD 16.7 billion (USD 1.85 billion). FNB South Africa is a division of First Rand Limited, a South African financial service provider that reports total assets of ZAR 770 billion (USD 87 billion), return on equity of 20.7 percent and return on assets of 1.73 percent as of June 30, 2012.
By Sarah Benali, Research Associate
First National Bank Namibia First National Bank Namibia, an affiliate of Johannesburg-based FNB South Africa that was founded in 1838, provides banking products and services through its 50 branches and 200 automated teller machines (ATMs). FNB South Africa is a division of First Rand Limited, a South African financial service provider. As of June 30, 2012, First Rand Limited reports total assets of ZAR 770 billion (USD 87 billion), return on equity of 20.7 percent and return on assets of 1.73 percent. As of 2012, FNB Namibia reports total assets of NAD 19.7 billion (USD 2.19 billion), total loans of NAD 16.8 billion (USD 1.86 billion), return on assets of 2.6 percent, return on equity of 24.3 percent and total deposits of NAD 16.7 billion (USD 1.85 billion).
Sources and Additional Resources
Newera.com story: “FNB rolls out e-Wallet for Namibia,” November 2012,http://www.newera.com.na/articles/48958/FNB-rolls-out-e-Wallet-for-Namibia
MicroCapital.org story: “MICROCAPITAL BRIEF: Etisalat Rolls Out Mobile Money Service in Nigeria,” October 5, 2012, https://www.microcapital.org/microcapital-brief-etisalat-rolls-out-mobile-money-service-in-nigeria/
MicroCapital.org story: “MICROCAPITAL BRIEF: Telefonica’s ‘mWallet’ to Enable Mobile Payments in South America, Europe,” March 9, 2012, https://www.microcapital.org/microcapital-brief-telefonicas-mwallet-to-enable-mobile-payments-in-south-america-europe/
MicroCapital.org story: “MICROCAPITAL BRIEF: Standard Bank: Majority of Africans Lack Access to Microfinance, Other Financial Services,” November 1, 2011, https://www.microcapital.org/microcapital-brief-standard-bank-majority-of-africans-lack-access-to-microfinance-other-financial-services/
MicroCapital Universe Profile: First National Bank Namibia http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=First+National+Bank+Namibia
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