As the bank looks to phase out cheques by December 2023, First National Bank Botswana (FNBB) has launched a replacement product to enable businesses to disburse funds to employees, both banked and unbanked, in real time. It is called eWallet Pro.
With eWallet Pro, funds are paid into the wallet, acting as an account that can be accessed through a Visa card. The card provides recipients with access to their funds instantly, making transactions such as ATM withdrawals, prepaid purchases, Point Of Sale (POS) transactions, and cashback at retailers swift and convenient. It acts as a single-source funding model where businesses have exclusive control over funding the wallet.
"Our dedication to innovation is vividly evident in our mobile app, and our digital banking services, driven by our relentless pursuit of data analytics. These have enabled us to create personalised experiences tailored to our customers' unique financial goals, said Rand Merchant Bank (RMB) Director, Ms Kapumpe Kaunda.
Security-wise, eWallet Pro features fortified transaction protocols, PIN protection, and real-time accessibility.