FNB drives expansion and innovation with record growth in 2024

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Johannesburg, South Africa – The First National Bank (FNB), one of Africa’s largest and oldest financial institutions, announced significant growth and new strategies in 2024, solidifying its leadership in the financial sector. Founded in 1838, the bank strengthened its presence across Africa by investing 1 billion rand in technology and digital services, along with the launch of new branches in emerging markets.

In the first half of 2024, FNB reported a 8.7% increase in net revenue, driven by the expansion of digital banking services and growing demand for credit in the countries where it operates. The bank highlighted its growth in Mozambique, Namibia, and Ghana, with the opening of 12 new branches, reinforcing its position in fast-developing economies.

FNB ramped up investments in mobile banking and cybersecurity, channeling resources into developing new digital platforms. Among the key innovations, FNB Pay, a QR code payment platform, recorded a 25% increase in transactions.
FNB CEO Jacques Celliers emphasized the bank’s commitment to enhancing customer experience through artificial intelligence and automation, ensuring faster and more personalized services. “We are committed to leading the digital transformation and developing solutions that simplify financial services for our customers across Africa,” said Celliers in a statement.

FNB launched a 500-million-rand fund dedicated to green projects, including solar energy and sustainable agriculture, reaffirming its alignment with the climate agenda. The bank also expanded its credit offerings for women entrepreneurs, fostering economic inclusion in underserved communities.

Additionally, FNB empowered over 100,000 individuals through financial literacy programs, highlighting its role in promoting financial inclusion and supporting small and medium-sized businesses in local markets.

FNB strengthened partnerships with Mastercard and Visa to increase the adoption of contactless payment technologies, which now account for 30% of all customer transactions. In Botswana and Namibia, the bank reported an 18% increase in business loans, further bolstering the private sector.

FNB’s expansion into new markets such as Zambia and Ghana marks the beginning of a new growth phase, as the bank invests in partnerships with fintech startups to deliver innovative solutions tailored to the needs of both consumers and businesses.

With a strategic focus on sustainability and digitalization, FNB aims to invest an additional 1.5 billion rand by 2025 in renewable energy projects and new technologies. “Our goal is to transform Africa’s financial sector and contribute to the economic growth of the communities we serve,” Celliers noted.

In 2024, FNB received recognition at the African Banking Awards for its corporate governance and transparency, cementing its position as a sector leader. The bank’s leadership in social responsibility and innovation underscores its commitment to sustainable economic development throughout the continent.

FNB not only reinforces its legacy as one of Africa’s oldest financial institutions but also positions itself at the forefront of digital and social transformation. Through innovation, strategic expansion, and social responsibility, the bank establishes itself as a key partner in Africa’s development, paving the way for a prosperous future.