Home How to’s How FNB eWallet Work and How to Reverse eWallet Payment.

How FNB eWallet Work and How to Reverse eWallet Payment.

South Africa is one of Africa’s most developed countries and is the most technologically advanced country in Africa. In contrast, other African countries are battling corruption and terrorism. South Africa’s economy is soaring to greater heights regarding the economy, wealth, and innovative technology. Notably, among the South African sectors that have implemented technological advancements in their day-to-day activities is the banking sector. First National (Rand) Bank invented what we called the eWallet. The fundamental importance of this eWallet is to provide ease of sending and receiving money within the South Arica Society.


What is eWallet

eWallet can be defined as a prepaid bank account that allows the customer to perform money transactions with ease, both on the internet and without the internet (Offline). These transactions can be carried out either on your android phone, iPhone, or laptop. It represents a quick mode of electronic money wallet that permits the customer to carry out money transactions anywhere in South Africa. Anywhere in his context can be from the four walls of your home or office. The main requirement needed to open an eWallet account is to have a South Africa telephone number, FNB ATMs, FNB mobile banking, and FNB internet banking. The FNB mobile banking can be downloaded on your iPhone or Android phone from the google play store or Apple store.

The mode of operation of FNB eWallet

FNB eWallet is a fast mode of cash transaction between South Africans, and it also works by making sure that the customer can send money through laptops. The significant usage of FNB eWallet is to make sure the money transaction is completed at the right time and delivered within the specified timeframe. The first step in using eWallet is by depositing money in your eWallet account. To send money to someone using eWallet, you first need to initiate the transaction. The cash is removed from the sender’s account and deposit into the receiver’s account. There is always a digital representation associated with this transaction.

A digital representation is a failsafe that is used to safeguard evidence of money transactions. If a money transaction is initiated through eWallet, there is always evidence of a cash transaction attached to it. The account ledgers are automatically updated. However, any money deposits that a customer makes will be transferred from the customer’s bank account to the bank account that the user wants to send money to. There are various ways to send money through FNB eWallet.

  1. Making use of your personal mobile phone. It can be iPhone or Android phone.
  2. Internet banking: You can use this option to send money through eWallet by logging into your FNB online bank account.
  3. Downloading and installing the FNB banking application into your iPhone or smartphone. The FNB banking application can be downloaded from either google playstore or apple store.
  4. FNB ATM card: This FNB card can either be Visa or Mastercard. It is easy and simple to use.

Transferring money from one location to another is the most fundamental thing to do with FNB eWallet. Using eWallet does not require you to have or perform a 2-factor authentication. This eWallet is only accessible to people with a South African phone number. The steps below show how to use your smartphone or iPhone to send money through eWallet.


  • Dial *120*321# on your cellphone; you can be using any of the South Africa network providers.
  • Choose the ‘send money option and click okay.
  • The next step is to choose which account you want to send the money to. This bank account can either be savings or a cheque account.
  • This step is when you select the ‘e-wallet alternative on your FNB mobile application.
  • This next stage involves you typing the mobile number of the recipient.
  • Now you type or choose the amount of money you want to send to your recipient.
  • Finally, you click submit to complete the money transaction. The recipient will receive a PIN that they will use to withdraw money at the ATM machine.

It is important as a sender to confirm and make sure that the recipient you want to send money to is correct. Any mistakes in the recipient details will delay the money transaction and cause unnecessary delays in the transaction.

FNB EFT Withdrawal

After the recipient has received his or her money, the next thing is to withdraw it by following the steps below:

  • The recipient should start by first checking if the money is really inside the eWallet. This can be done by dialling *120*277#.
  • After checking if the money is in the eWallet, the next step is to log in to the FNB app. There will be a list of options. Choose the first option to get your withdrawal pin. An SMS message will be sent to your phone number showing a 5-digit unique pin for withdrawing your money at the ATM. The pin usually has close to 20 hours before it expires.
  • The next step is to visit any FNB ATM around your vicinity.
  • Going to the ATM to withdraw from your eWallet does not usually require you to have your FNB ATM card with you. You can decide to opt for the cardless transaction.
  • On the ATM machine, you will select ‘eWallet’ on the ATM screen.
  • The next step is to enter your South Africa mobile number. This number can be from any south Africa network provider. Then select ‘proceed.’
  • The next stage is to input the 5-digit number you have generated. This is your pin.
  • Finally, enter the total amount you want to withdraw from your eWallet. This depends on your prerogative; it can be less than or equal to the total amount in the eWallet.

eWallet can last if the 5-digit pin that you generated before starting your eWallet transaction has not expired. If your 5-digit pin had expired before you carried out your eWallet transaction, then you generate another one by dialling *120*277#. A new 5-digit pin will be generated for you. The introduction of technologically advanced applications in the South Africa banking sector has gone a long way in improving eWallet transactions and making it possible for FNB customers to perform money transactions with ease.

How to reverse eWallet Payment

In the previous subsections, we have established how important and eWallet is to the mobile banking services in South Africa. eWallet is the most popular and widely acknowledged method of transferring money in South Africa. According to a documented report, over the last 3 years, almost R26 Billion has been sent via FNB eWallet. This is an astonishing milestone. Sometimes mistakes happen, maybe the money was sent to the wrong cellphone number, or the sender changed his or her mind about sending the money. The following steps listed below should be followed when reversing an eWallet payment:

  1. FNB call centre. 

There is a call centre that First National Bank has set up to help people that want to reverse their eWallet transaction. The call centre number to call is 087 575 9405. This method is a little bit stressful and time-wasting, so we do not recommend it. However, you can use it if you are not in a hurry.

Cellphone BankingThis is the easiest and faster method of reversing eWallet payment. You can use any South Africa network provider if you have airtime on your mobile line.

  • Dial *120*321# on your mobile phone.
  • Choose option 4 among the options, and this option is for sending money.
  • Select option 5; this is for ‘eWallet payment reversal.’

However, presently there are no alternatives to reverse eWallet payment on the FNB mobile application and FNB internet banking. Although the bank has promised to change that narrative over the years, it is still yet to be implemented. Another important piece of information about eWallet reversal is that you will be charged an extra R50 for any reversal you are making. There is no assurance that the money reversal will work.