Raj Makanjee - Afrikan Heroes

Streaming Subscriptions Jump Up by 70% in South Africa

July 15, 2022

FNB, one of the largest banks in South Africa, says that consumer spending on audio and video streaming services such as Apple iTunes, Spotify, Google Music, Deezer, Amazon Prime, ShowMax, Netflix, and YouTube has increased by 70% from the period before Covid-19 up to the end of June 2022.

Raj Makanjee, CEO of FNB Retail, says their Retail customers spend up to R190 million ($11.2-million) per month on audio and video streaming subscriptions.

“The flexibility of these platforms allows families to customize their own experience and playlists, with the convenience of consuming content whenever they want. The use of content-on-demand platforms is likely to continue as more providers introduce services to give consumers more choice,” Makanjee says.

“As part of our efforts to help our customers better manage their money, we offer them several ways to manage their streaming subscriptions. This includes enabling them to load subscriptions on their FNB Virtual Card with rewards of up to 40% back in eBucks on Netflix and Spotify. In the past year, our customers earned over R16 million (almost $1-million) back in eBucks on these services,” he adds.

Ashley Saffy, Business Development Head of FNB Card says overall Virtual Card spend on streaming and subscription services has also grown approximately 600% year-on-year.

“With the creation of Virtual Cards being free on our platform, we see more customers creating separate Virtual Cards dedicated to streaming subscriptions, and this makes it easy for them to track and manage their spend. Our Virtual Cards are also preferred for eCommerce, other subscription payments and QR payments via Scan to Pay on the FNB App,” Saffy explains.

She also mentioned that since the launch in 2021, over 3 million FNB Virtual Cards have been activated and customers enjoy better safety against fraud when they use a Virtual Card as it has features like the dynamic CVV number that changes regularly.

“We have fully embraced the reality that customers want the liberty to choose and customize the content that they and their families consume across various streaming services. While our tools and services have empowered customers with the power of choice, we are equally delighted with the rate at which our customers continue to embrace our digital solutions, complementing their lifestyles,” Saffy says.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

FNB Launches Two New Digital Payment Solutions for SMEs

October 7, 2021

One of Africa’s largest financial institutions, the South African based FNB has announced the launch of two new digital payment solutions for small-to-medium enterprises (SMEs). According to a statement from FNB, the growing need to accelerate the shift from cash to digital and card payments, coupled with the growth of eCommerce across Africa, the bank has expanded its payments ecosystem with two new SME solutions: FNB WebStore and FNB Android Speedpoint device.

“The solutions will offer a simple, easy and cost-effective way for businesses in South Africa to accept payments from customers,” says FNB.

“Over the last decade the payments industry has seen a dynamic shift – from the internet and smartphones driving the adoption of mobile payments, end of cheques as a form of payment, to the current pandemic-induced reduction in the transactional usage of cash, as well as the boom in eCommerce,” says FNB CEO, Jacques Celliers.

“Our payments innovations are in tune with the step-change in digital adoption and preference for contactless methods of transacting among customers while enhancing efficiency and user experience. FNB aims to innovate in a manner that reduces complexity and offers customers more choice and convenient solutions through its trusted digital platform. Therefore, we continue providing payments solutions that are more advanced, safer, and cost-effective for both businesses and individual customers. Our customers and merchants both expect a swift and secure digital experience,” adds Celliers.

“As part of our journey, our goal involves enabling both the individual end-user and merchants through an integrated ecosystem. This, for example, leads to a seamless shopping experience whether a customer is paying via Virtual Card, EFT, Tap-to-Pay or Scan-to-Pay via FNB Pay, as well as contactless payments which recently surpassed chip and pin payments. We are excited to continue leading the future of payments in our markets and will continue to invest into our digital platform for a contextual and frictionless experience,” says Raj Makanjee, FNB Retail CEO.

In the coming months, FNB says the rollout of both the new solutions will be taken in a phased approach.

While external developers and Content Management Systems (CMS) help a business to create its website, it can often be a complicated and lengthy process.

As a result, the bank says that with FNB WebStore, businesses don’t need design or development skills, won’t carry any costs of hosting or partner integrations, or spend time on writing basic web content and creating web-optimized designs. The merchant will have payment capability as part of the package for credit and debit card transactions in a secure manner.

The websites are built on industry-leading platforms, WordPress and WooCommerce, with designs based on Divi themes and then tailored for the business’s specific needs and desires. The solution is also integrated with a courier service for product deliveries to customers, as well as integration into social media and basic search engine optimisation (SEO) for marketing the site.

The new affordable FNB Android POS device has been upgraded with innovative technology that merchants need to keep their businesses up to date and running smoothly. This device is designed with business needs in mind and includes better functionality and usability.

Additional benefits:

Full touch screen for more visibility and information displayed.

4G, GPRS, BT and WIFI enabled ensuring your business is always connected to access remote updates.

Longer battery life for extended use and less charging time needed.