Free cell phone banking demand surges in South Africa

First National Bank (FNB) has recorded a surge in demand for its cell phone banking services since announcing its three-month free offer to existing and new customers last month.

The bank has seen an average monthly increase of 22 percent in new registrations, with transaction volumes and values having increased by 57 percent and 31 percent respectively.

The growth since the launch of FNB's cell phone banking in March last year translates into 2.5 million transactions valued at R275 million (US$44 million).

'Our current focus is on making cell phone banking available to all our customers, using our competitive strength of providing the service on any cell phone and on any network operator,' says Len Pienaar, CEO of FNB Mobile and Transact Solutions.