M-banking usage soars

South Africa's fourth-largest banking group by assets, Nedbank, said its smartphone banking app, the Nedbank App Suite, has been downloaded 115,000 times since its launch in July 2012.

South Africa’s fourth-largest banking group by assets, Nedbank, said its smartphone banking app, the Nedbank App Suite, has been downloaded 115,000 times since its launch in July 2012.

Nedbank said retail banking transaction values conducted through the app have grown by 200% month-on-month with volumes increasing by over 140% month-on-month.

The group added that over ZAR1bn ($111.2bn) had been processed via the app with no incidents of fraud.

Features on the app include an online share-trading feature, corporate batch authorisations, mobile banking, balance enquiries, payments, transfers, a branch locator and a forex calculator.

Managing executive of client engagement, Anton de Wet said: "The largest single payment made via the Nedbank App Suite by an individual is ZAR1.6m and the increasing value of transactions carried out by clients demonstrates a growing confidence in Nedbank’s digital security."

Nedbank said that their financial management tool, MyFinancialLife, launched in September 2012, had attracted 10,000 registered users and aggregated over 50,000 accounts with assets and liabilities equating to over ZAR16bn, in its first three months.

 

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