<\/p>\n
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.<\/p>\n
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\u2019 loan affordability, serving over 100 million customers. It is assisting FNB in assessing eligibility for its cash and airtime advances.<\/p>\n
FNB Connect\u2019s Airtime Advance allows qualifying customers to access airtime, data or voice bundles when needed and repay the amount at a later stage.<\/p>\n
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.<\/p>\n
FNB previously offered cash advances but did not provide the same repayment flexibility.<\/p>\n
Repayments are made directly from the customer\u2019s eWallet, eliminating the need for debit orders.<\/p>\n
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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. <\/p>\n
WhatsApp is a convenient channel for low-income consumers because it uses less data, making it cheaper than accessing a banking app or website.<\/p>\n
\u201cBoth solutions are intended to provide customers with convenient, real-time support through familiar digital channels, helping them bridge short-term needs quickly and easily,\u201d FNB said.<\/p>\n
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FNB increased its stake in Optasia from 20.1% to 26.1% in March 2026.<\/p>\n
On the cash advance product, Optasia CEO Salvador Anglada said at the company\u2019s interim financial results on 14 September: \u201cIt\u2019s the first microfinancing proposition launched between both companies. It\u2019s 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.\u201d<\/p>\n
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Speaking at FirstRand\u2019s results on 10 September, FirstRand CEO Mary Vilakazi said the initiatives with Optasia over the past year \u201chave been very encouraging\u201d.<\/p>\n
\u201cIt 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.\u201d<\/p>\n
The cash advance service builds on FNB\u2019s eWallet platform, which provides a means of reaching unbanked consumers.<\/p>\n
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.<\/p>\n
Banks targeting lower-income consumers<\/p>\n
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.<\/p>\n
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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.<\/p>\n
FNB CEO Lytania Johnson said: \u201cThe growth we\u2019ve 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.<\/p>\n
\u201cCustomers are increasingly looking for practical ways to manage unexpected expenses and gaps between paydays, particularly as the cost of living continues to rise.\u201d<\/p>\n
There is a growing push to reach South Africa\u2019s underbanked consumers.<\/p>\n
Pepkor is launching its new bank, PlusB, in March 2027 after securing conditional regulatory approval from the Prudential Authority.<\/p>\n
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.<\/p>\n
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Shoprite\u2019s Money Market Account allows customers to deposit money and Sassa grants with no monthly fees, debit orders or transaction charges.<\/p>\n
Users pay only R5 when withdrawing cash, with Shoprite claiming it is South Africa\u2019s lowest-cost bank account. The account has a maximum balance of R25 000.<\/p>\n
#FNB #Optasia #launch #cash #airtime #advances<\/p>\n","protected":false},"excerpt":{"rendered":"
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