Over the last year South Africans have sent R5.3 billion via First National Bank's (FNB) eWallet service, the bank has announced.

According to the South African headquartered bank, this is 53% of the total amount of mobile money sent to recipients since the launch of the service back in 2009.

To date R10 billion has been sent via FNB's eWallet service since its launch, the bank said.

A statement from the bank notes that the increase in money sent over the last year proves that mobile money is fast becoming an accepted replacement for person to person cash payments.

“We have seen such strong growth in our eWallet solution in South Africa. This proves the growing need to send money easily and instantly to anyone in the country. A challenge easily solved with FNB’s eWallet solution,” says Yolande Steyn, chief executive officer of eWallet Solutions at FNB.

The eWallet service is the bank’s money transfer service that allows an eWallet holder to perform a variety of transactions including purchasing prepaid airtime, data and electricity, sending money to another cellphone, paying bills and purchasing at selected retailers.

The country’s economic hub, Gauteng province, has the lion’s share of money sent and received in the country with 46% of all transfers.

Gauteng is followed by Kwazulu-Natal at 14% and the Eastern Cape at 11%.

“We find that main urban centres tend to have higher usage because of population density and the fact that people use an eWallet for reasons other than sending money home, such as paying friends or purchasing airtime,” Steyn added.

According to FNB, the majority of eWallet sends are to family and friends. Meanwhile, recipients receive money on average twice a month.

“Our FNB ATM network is central to the success of eWallet with its extended footprint across the country,” said Steyn.