South African bank reaches cell phone banking milestone

02.12.2005
First National Bank's (FNB) cell phone banking has seen great success since its launch in March 2005, with one million transactions to the value of R100 million (US$15 million) being recorded to date.

Usage has also increased four-fold from 8 percent to a staggering 31 percent during these eight months.

'FNB has reached a milestone in its effort to provide banking solutions to its customers,' says Len Pienaar, CEO of FNB Cell phone Banking.

He adds: 'As the financial services sector moves towards more advanced banking channels, FNB is helping its customers keep stride with the latest developments by continuously looking at ways to maximize the benefits of retail banking.'

To further enhance the Cell phone Banking customer experience, FNB will publicly introduce another method through which customers can access Cell phone Banking.

Besides sending one SMS, MTN and Vodacom subscribers can also dial *120*321# and use an interactive menu to transact. This service will be available soon to Cell C customers.