First National Bank (FNB) is pushing deeper into South Africa’s lower-income market with new digital cash and airtime advances, giving customers access to short-term funds without paperwork or a trip to a bank branch.

The new eWallet Cash Advance lets qualifying customers borrow between R50 ($3.07) and R500 ($30.72), with repayment periods of seven, 14 or 30 days. Repayments are deducted directly from the customer’s eWallet, removing the need for debit orders.

The launch strengthens FNB’s partnership with Dubai-based lending technology company Optasia, in which FNB increased its stake from 20.1% to 26.1% in March 2026.

Optasia brings lending technology to eWallet

Optasia uses proprietary market data and behavioural insights to assess the affordability of low-income and often unbanked customers. The company serves more than 100 million customers and is helping FNB determine eligibility for the new advances.

FNB previously offered cash advances, but the new product introduces greater repayment flexibility. Alongside it, FNB Connect’s Airtime Advance allows qualifying customers to access airtime, data or voice bundles and pay later.

Optasia CEO Salvador Anglada described the cash advance, announced at the company’s interim financial results on Sept. 14, as the first microfinancing proposition launched between the two companies.

He said the partnership could eventually support expansion into other markets where both companies operate.

FirstRand CEO Mary Vilakazi said on Sept. 10 that initiatives with Optasia over the past year had been “very encouraging,” describing the investment as a partnership with a lending technology company that is delivering on its intended promise.

eWallet becomes a gateway to underbanked customers

FNB is also making eWallet onboarding easier. Customers can open an eWallet through WhatsApp by providing their identity number, giving lower-income consumers access through a familiar channel that typically uses less data than a banking app or website.

The opportunity is significant. Customers transacted more than R53 billion ($3.26 billion) through eWallet over the past year, while FNB says the platform has more than seven million active users in South Africa.

Originally built for sending and receiving money, eWallet now supports payments and electronic fund transfers.

FNB account holders can send money to people without bank accounts, who can withdraw it using a five-digit PIN at ATMs, retail stores and spaza shops.

FNB CEO Lytania Johnson said demand is increasing for simple ways to manage unexpected expenses and gaps between paydays as living costs rise.

The move comes as other major retailers target the same market. Pepkor plans to launch PlusB in March 2027 after conditional regulatory approval, while Shoprite’s Money Market Account offers customers an account with no monthly fees, debit orders or transaction charges, charging R5 ($0.30) for cash withdrawals and allowing balances of up to R25,000 ($1,536.47).