South Africans under 21 bank on the move

The youth market in South Africa (under 21) is choosing to bank by cellphone.

This according to research done on the cellphone banking customer base of South Africas largest retail bank, Absa.

These findings are not surprising, given the techno savvy attitude of young people in our country, says Venete Klein, Executive Director, Retail Banking.

During the last year, there has been a 195% increase in the youth market registered for cellphone banking. Internet banking numbers for the youth market over the same period showed little movement.

A reason for this could be that accessing banking via the cellphone is independent of the availability of electricity infrastructure and expensive PCs.

Another reason for this could be Absas offer of free cellphone banking. In effect, this means that every Absa cellphone banker has been banking free of charge since October 2005.

The research shows that the youth in Gauteng and Pretoria are the most active mobile banking users in the country.

Balance enquiries, pre-paid cellphone and Telkom pre-paid top-ups are the most popular services requested.

Another reason for the increase in young people using cellphone banking over the past year could be that Absa launched internet-based cellphone banking to the market in March 2006, which makes cellphone banking even more user friendly.

With internet-based cellphone banking, you dont need to send SMSs or to punch in codes to get balances, make payments & transfers or buy pre-paid airtime. You can scroll easily to your account information which appears on one screen. You can select beneficiaries, choose functionalities, request a fax or e-mail to be send anywhere in the world just as you would on the internet, says Christo Vrey, General Manager: Digital Channels.

What this is, is internet banking on the cellphone continuing the benefit of everywhere, anytime banking, says Vrey.

Those who want to register for Absa cellphone banking should call Absas call centre on 0860 111 123 and be connected within seconds.