FNB Eswatini Hits a New High with Over E1 Billion in CashPlus Transactions
In a fantastic achievement for the banking sector in Eswatini, FNB Eswatini has recently announced that its innovative CashPlus Agency Model has surpassed E1 billion in transaction values for the year ending June 30, 2024. This marks a remarkable increase from E850 million recorded in the previous year, highlighting the model’s profound impact and impressive reach across the nation.
FNB Eswatini has introduced a network of over 660 associate merchants, making it easier than ever for consumers to access banking services. This pivotal move is not just about driving profitability; it’s a clear commitment to enhancing financial inclusion and accessibility throughout Eswatini. In a recent statement, FNB’s CEO, Dennis Mbingo, emphasized, “This expansion underscores our dedication to improving financial services for all citizens of Eswatini.”
But the success of the CashPlus Agency Model is just one part of the overall positive trajectory for FNB. The bank has reported remarkable growth in customer acquisition, with active customer numbers experiencing a solid 10.6% increase over the year. Moreover, the bank’s overall performance metrics look promising, with gross advances climbing to E4.3 billion and net interest income rising by an impressive 8.8%. This strong growth reflects FNB Eswatini’s continued ability to meet the evolving needs of its customers.
In addition, the bank is making substantial strides in digital transformation. The FNB Banking App has become an essential platform, processing a staggering E12.2 billion in transactions annually. Online banking has rapidly gained popularity, handling nearly E110 billion in business transactions each year, showcasing the shifting preferences of consumers toward digital banking solutions.
FNB Eswatini’s eWallet service remains another highlight, processing over E3.25 billion in domestic payments. While cellphone banking transactions have seen a slight decline, this service continues to play a vital role in the bank’s strategic operations.
Looking ahead, the bank’s Fuel Rewards program has also become a crowd-pleaser, with customers spending nearly E982.4 million on fuel purchases in the 2024 financial year. This initiative not only encourages customer loyalty but also reinforces the bank’s commitment to providing value-added services.
As FNB Eswatini continues to evolve, it’s clear that their dedication to innovation and customer-centric services is setting a high standard in the African banking landscape. With these promising numbers, Eswatini is swiftly becoming a beacon of financial progress on the continent.
#BusinessNews #Eswatini #FinancialInclusion #DigitalBanking #InnovativeBanking #FNBEswatini