While established operators MTN Group and Vodacom, who between them dominate the mobile space, look to Africa to expand their mobile money payment solutions, banking group FNB isn’t so much as making waves as it is ‘small tsunamis’ with an offering of its own.

Earlier this month (3 April 2012), the group reported that more than one million FNB eWallets have been created – with more than R1.6 billion paid into them since 2009.

The FNB eWallet allows people to send money to anyone in South Africa with a valid cellphone number. Funds are transferred instantly and the recipient receives an SMS indicating that funds have been sent to their cellphone.

Recipients are able to withdraw cash at FNB ATMs, buy pre-paid airtime or electricity, send money to another cellphone, purchase and/or get cash at selected retailers as well as make once off payments.