Africa-Press – Eswatini. Nedbank Eswatini has launched Nedbank MobiMoney wallet which allows users not only to register at no cost but generate a withdrawal pin for free.
The product, which has been introduced as a response to market needs, an enhancement to the already existing SendMoney application and to foster financial inclusion, also offers free registration and does not have a monthly charge. Every month, users of Nedbank MobiMoney wallet will get a free withdrawal.
Nedbank Eswatini Head of Retail, Khetsiwe Mdluli explained that the introduction of the latest digital offering compatible with all mobile phones was in line with their strategic drive as a retail business. She said the intention was to cater for a wider market as one could register for Nedbank MobiMoney wallet even when not banking with Nedbank.
She stated that this product’s target market was both Nedbank clients and non-Nedbank clients.
“Our clients can register for Nedbank MobiMoney wallet and send cash to anyone with a valid local cellphone number, even if they are not a client,” she said.
She explained that when receiving the money, non-Nedbank clients would also be prompted to register for Nedbank MobiMoney wallet and would then have the wallet to then store the money,” she said.
She added that another benefit of using MobiMoney was that it came with affordability as it came with no monthly charges since clients only pay for transactions made and there was no registration fee.
“This product also comes with convenience as it is very easy to register. All you need is a cellphone number and your ID number or passport number. You register anywhere as it is available 24/7 and it is user friendly with quick and easy steps to follow,” explained Mdluli.
Efforts
Nedbank Eswatini Acting Managing Director (MD), Mpendulo Shongwe said Nedbank MobiMoney wallet was another digital solution that reinforces their efforts towards ensuring convenient and affordable banking services accessible to everyone.
“This is a mobile- based wallet that uses a client’s valid cellphone number as a store of value and allows you to transact.
“It is easy to register for MobiMoney and there is no need to queue in a branch and no documents are required, you just need your cellphone and ID number, which then becomes your Nedbank MobiMoney wallet account number with Nedbank so you can bank at your convenience – anytime, anywhere,” said Shongwe.
He confided that they had been waiting for the product for a while now and were certain that it would equally excite their clients.
“At Nedbank, our purpose is to use our financial expertise to do good for individuals, families, businesses, communities and the society. As a bank that listens to its clients, our aim is simply to provide clients with what they want, when they want it, digitally,” he said.
Shongwe explained that as a bank, and a corporate citizen of Eswatini, they had worked hard to ensure they consider not only what was best for their clients through their product and service offerings, business and all their stakeholders, but also how they could contribute to the process of building a strong economy.
“We understand that we cannot only be relevant to our clients but we need to also find ways of incorporating the unbanked members of our society through our financial inclusion solutions that ensure accessible and affordable financial services for everyone, regardless of their level of income,” he said.
Nedbank Eswatini Head of Digital and Electronic Banking, Nkosingiphile Mthethwa said the product was also friendly for business owners as it had an option of bulk send.
“Through this option the business owners will be able to send salaries to different employees all at once,” she said.
Mthethwa stated the product users would also be able to buy airtime, electricity and data through the wallet.
“If you are a Nedbank client with the Nedbank MobiMoney wallet you can do transfers into your wallet as well,” she added.
She explained that the maximum amount of money that could be held in the wallet was E25 000.
The daily cash limit has been set at E5 000 and the maximum daily amount that can be sent has been fixed at E15 000.
For More News And Analysis About Eswatini Follow Africa-Press
