South African Internet Banking Growth

World IT Report, Jan 13, 2004

Statistics from local South African banks indicate a strong upward trend in Internet banking in the past year, with increases in the value and number of transactions processed by their Internet banking divisions.

Despite some technical difficulties towards the end of last year, First National Bank's Internet banking portal, eBucks.com, recorded an increase of 77 percent in the number of transactions and an increase of 71 percent in the value of transactions from December 2002 to December 2003. In addition, Absa says its transaction volume increased by 39 percent, representing a value increase of 40 percent.

Banks also report a substantial increase in the number of Internet bankers of between 21 percent and 73 percent. The increase in the number of Internet bankers is indicative of consumers' growing confidence in e-banking. - (World IT Report.com)