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By Delisa Thwala
First National Bank (FNB) Eswatini has experienced a remarkable year, concluding its financial period with significant revenue growth across its offerings.
The bank’s Cash Plus Agency model has crossed the E1 billion threshold, while its eWallet service processed more than R3.25 billion in payments, and the FNB forex app generated an impressive E142.88 million in revenue.
These remarkable figures were highlighted in the bank’s financial year report for the fiscal year ending June 2024. The E1 billion milestone was reached through the efforts of 664 active Cash Plus Agents throughout the nation.
“The Cash Plus Agency Model has finally surpassed the E1 billion mark in transaction values, managed by over 660 associate merchants nationwide,” stated CEO Dennis Mbingo in the report.
This E1 billion figure marks a significant increase from the E850 million recorded in 2023, which was managed by 502 agents. Mbingo emphasized that the introduction of FNB Cash Plus Agents has made it much more convenient for individuals to send money to family and friends.
“This means there’s no longer a need to travel to the nearest ATM for withdrawals; this can now be done closer to home at a local store that serves as a Cash Plus Agent,” Mbingo explained.
In 2022, 402 agents facilitated E500 million in transactions, and the numbers have steadily increased to reach the E1 billion mark today.
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FNB’s eWallet continues to be extremely popular, enabling emaSwati to send support funds and low-value domestic payments totalling over E3.25 billion during the same period.
It’s noteworthy that in 2023, payments totalling E2.76 billion were made through 4.1 million transactions.
The Bank’s CEO mentioned that while smartphone-based payment products have begun to take over, their phone banking channel still maintains a loyal customer base, managing approximately 1.76 billion payments. In 2023, the annual value reached E1.83 billion.
“This remains a strategically vital channel for our customers, despite a slight decline in transaction values,” he noted during the report presentation.
He added that with convenient banking solutions being essential for emaSwati, the eWallet has provided significant assistance to FNB customers wishing to send money directly from their bank accounts to anyone in Eswatini, even if the recipient does not have a bank account.
Importantly, this affordable and secure solution guarantees instant money transfers to anyone with a valid cellphone number, accompanied by a notification for the recipient, making the process of sending and receiving money effortless.
FNB customers can not only make individual transfers via eWallet but can also send multiple eWallets simultaneously.
Eswatini’s business community has widely adopted the FNB eWallet Bulk Send feature to facilitate multiple payments to staff and suppliers alike.
“Our strategy of positioning the FNB Banking App as the primary transaction platform continues to yield strong results, with the app now managing over E12.2 billion in value annually from over 53 million transactions for the second consecutive year, compared to E9.07 billion and 41 million transactions in 2023,” Mbingo reported.
He further mentioned that the banking app now processes nearly 50% more transactions than all of their branches combined, a trend expected to persist as the app becomes the favoured channel for cross-border transactions through the Forex on App module.
Despite the rapid growth of the Banking App, Online Banking remains the primary platform for businesses, processing E110 billion annually, up from E107 billion in 2023.
“ATM and ADT activity have also been exceptionally strong, with an expanded network processing over E10.09 billion each year,” the report noted.
FNB Forex App Achieves E142.88 Million in Revenue
Transactions on the FNB Eswatini forex app have surged by 171.1% for the fiscal year ending June 2024.
According to the bank’s report, the Forex app generated E142.88 million in transactions, a substantial increase from E52.73 million in 2023. Additionally, the number of users has risen by 119.4%, growing from 1,812 users in 2023 to 3,975 in 2024.
In August, the Common Monetary Area (CMA) Directive, issued by regulators in November 2023, mandated all banks to discontinue the CMA Electronic Fund Transfer (EFT) rails for processing CMA transactions.
This change means that all cross-border payments will now be recognized as genuine cross-border transactions rather than domestic payments.
Customers can now avoid the manual process of filling out forms and submitting them to the bank, which often leads to delays in accessing international funds.
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Instead, they can easily log into their FNB App, Online Banking, or Online Banking EnterpriseTM, select the Forex tab, and process their global receipts online.
The Global Receipt feature, newly introduced by FNB as part of its digitization strategy, enhances the Forex platform by enabling customers to receive funds from abroad through FNB Forex while fulfilling inward cross-border data capture for Balance of Payments (BOP) reporting requirements in a convenient manner.
Upon receiving an international payment, customers will receive an email notification indicating that they can log into their preferred digital platform to process the funds on the Forex tab.
This represents a significant enhancement in the bank’s Forex service, providing customers with increased convenience, speed, and control over how their cross-border payments are credited to their accounts.
Camilla Paiva, FNB Head of Foreign Exchange Product House, stated that this marks a significant advancement in FNB’s Forex service, demonstrating the bank’s commitment to providing customers with top-notch digital solutions for their Forex needs.
“Our customers will now have convenient platforms to meet their inward BOP disclosure requirements. This key product in our Forex universe will ensure that funds are processed into the customer’s account within five minutes of completing all necessary steps,” she explained.
Thembi Silombo, Head of Customer Experience, echoed Paiva’s sentiments, emphasizing, “As a customer-centric bank, FNB not only provides solutions for business efficiencies but also strives to simplify the payment process for our customers, both locally and internationally.”
“We want our customers to feel empowered to conduct nearly all their banking, including international transactions, with minimal hassle or manual intervention,” Silombo stressed.
