FNB introduces online currency for MXit users

FNB Moola+ enables MXit users to buy Moola, MXit's online currency, at discounted rates. The result is 35% bonus Moola for every Rand spent compared to buying it via premium rated SMS. This latest MXit Money partnership gives MXit's ten million active South African users yet another banking service with which to transact on the social network.

FNB eWallet allows any South African with a valid cell phone to perform various financial transactions. "eWallet is more than just a money transfer solution and we are continually extending the functionality. With the integration into MXit we are taking advantage of the micropayment potential of MXit Moola," says Yolande van Wyk, CEO of FNB eWallet Solutions.

More opportunities to interact

"Moola is a critical piece of this puzzle," says Alan Knott-Craig, CEO of MXit. "As MXit's platform strategy matures, there will be more opportunities to interact with applications, games and content and this will be done using our online currency. One of the greatest challenges to mobile commerce is cost-effectively getting money into the system.

"Traditionally the only way to get real money into our ecosystem was to use premium-rated SMS services. This is an expensive solution and puts a lot of pressure on MXit to provide fair value to the user while still recouping its costs. The partnership with FNB means that we can now offer our users even more value. "This will have a positive knock-on effect into our partner network. The more Moola our users have to spend, the better for each developer of the various games and services," says Knott Craig.

How FNB Moola+ works

Step 1: Add 'fnbmoola' as a contact on MXit.
Step 2: User link their existing FNB eWallet to MXit by following the easy on screen instructions. Money can be loaded from any FNB account (except credit cards) via cellphone banking, online banking, the FNB banking app and FNB ATMs.
Step 3: Use FNB Moola+ to buy MXit Moola. Users immediately receive their bonus moola.