FNB and Optasia launch cash and airtime advances

First National Bank (FNB) and Optasia, an AI-driven tech-lending company, have launched cash advance and airtime advance services as FNB expands its reach to the underbanked.

Dubai-based Optasia, in which FNB has a 26.1% stake, uses proprietary market data and behavioural insights to accurately assess low-income and often unbanked borrowers’ loan affordability, serving over 100 million customers. It is assisting FNB in assessing eligibility for its cash and airtime advances.

FNB Connect’s Airtime Advance allows qualifying customers to access airtime, data or voice bundles when needed and repay the amount at a later stage.

The new eWallet Cash Advance allows qualifying customers to access between R50 and R500 immediately and repay within seven, 14 or 30 days, without completing forms or visiting a bank branch.

FNB previously offered cash advances but did not provide the same repayment flexibility.

Repayments are made directly from the customer’s eWallet, eliminating the need for debit orders.

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FNB has also made it easier to open an eWallet without visiting a bank branch. Customers simply need to send a WhatsApp message and provide their identity number.

WhatsApp is a convenient channel for low-income consumers because it uses less data, making it cheaper than accessing a banking app or website.

“Both solutions are intended to provide customers with convenient, real-time support through familiar digital channels, helping them bridge short-term needs quickly and easily,” FNB said.

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FNB increased its stake in Optasia from 20.1% to 26.1% in March 2026.

On the cash advance product, Optasia CEO Salvador Anglada said at the company’s interim financial results on 14 September: “It’s the first microfinancing proposition launched between both companies. It’s a very good example of how we can collaborate with FNB, and it gives us the opportunity to expand our services in other geographies where we have a presence and they also have a presence.”

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Speaking at FirstRand’s results on 10 September, FirstRand CEO Mary Vilakazi said the initiatives with Optasia over the past year “have been very encouraging”.

“It was a financial investment that allowed us to partner with a lending tech company that so far is delivering on the promise of what we were looking for.”

The cash advance service builds on FNB’s eWallet platform, which provides a means of reaching unbanked consumers.

FNB account holders can send money through the platform to consumers who do not have bank accounts, who can then withdraw the cash using a five-digit PIN at bank ATMs, retail stores and spaza shops.

Banks targeting lower-income consumers

Over the past year, customers transacted more than R53 billion through the eWallet platform. FNB says eWallet has grown to serve more than seven million active users in South Africa.

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Initially designed for sending and receiving money, the platform has expanded into a comprehensive digital payments service where users can make payments and electronic fund transfers.

FNB CEO Lytania Johnson said: “The growth we’ve seen across eWallet shows that customers want access to financial solutions that are simple, fast and available in the channels they already use every day.

“Customers are increasingly looking for practical ways to manage unexpected expenses and gaps between paydays, particularly as the cost of living continues to rise.”

There is a growing push to reach South Africa’s underbanked consumers.

Pepkor is launching its new bank, PlusB, in March 2027 after securing conditional regulatory approval from the Prudential Authority.

The retailer will leverage its more than 6 500 Pep and Ackermans stores, along with its 18 million loyalty customers, to reach unbanked and lower-income consumers.

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Shoprite’s Money Market Account allows customers to deposit money and Sassa grants with no monthly fees, debit orders or transaction charges.

Users pay only R5 when withdrawing cash, with Shoprite claiming it is South Africa’s lowest-cost bank account. The account has a maximum balance of R25 000.

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