By Phiwa Sikhondze
FNB Eswatini has achieved a significant milestone with its CashPlus Agency Model, surpassing E1 billion in transaction values in the year ended 30 June 2024.
This marks a substantial increase from E850 million recorded in the previous financial year, reflecting a notable expansion in the model’s reach and effectiveness.
The CashPlus Agency Model involves a network of over 660 associate merchants nationwide and has been pivotal in driving the bank’s growth.
FNB Eswatini Chief Executive Officer, Dennis Mbingo said the expansion is indicative of their commitment to enhancing financial inclusion and accessibility across Eswatini.
In addition to the milestone in CashPlus transactions, FNB continues to showcase impressive overall performance. “Customer acquisition remains robust, with total active customers growing by 10.6% during the year. Customer borrowings and Net Interest Income saw notable increases, with Gross Advances rising to E4.3 billion and Net Interest Income up by 8.8%,” he noted.
The bank’s focus on digital transformation has also yielded strong results. “The FNB Banking App now processes over E12.2 billion in transactions annually, a significant increase from the previous year. Online banking continues to dominate business transactions, handling nearly E110 billion annually, while ATM and ADT activity also showed substantial growth.”
Mbingo further stated that eWallet remains a popular choice for domestic payments, handling over E3.25 billion in transactions. Despite a slight decline in cellphone banking transactions, the channel remains a key strategic tool for the bank.
The CEO concluded by stating that their FNB’s Fuel Rewards programme has seen tremendous success as customers spent nearly E982.4 million in fuel purchases in the 2024 financial year.