Women’s digital spending rises sharply, reveals FNB report

First National Bank (FNB) has released new data revealing a sharp rise in women’s retail spending and a strong shift toward digital transactions, underscoring the growing financial influence of South African women.

In 2024, women accounted for 44.6% of total retail spend, with their overall spend increasing by 5.3% year-on-year (YoY) and transaction volumes rising by 6.3%. This growth outpaced that of men, whose spending rose by 2.9% and transaction volumes by 5.3%.

“Women continue to be a powerful force in the retail economy, and their adoption of digital payment solutions continues to accelerate at an impressive rate,” said Senzo Nsibande, CEO of FNB Credit Card.

FNB’s virtual card offering has seen remarkable uptake, with women contributing R36.2 billion to virtual card spend between launch and December 2024, 39.7% of the total R91 billion. “This shift reflects not just a technological evolution, but a powerful movement towards financial independence and inclusion,” Nsibande says.

Key trends include a 99.3% YoY surge in virtual card spend among women, compared to 77.3% for men. Online spend rose by 17.7% YoY, with 21.5% of women’s total spend occurring online. Women also spent 33% of their total credit card spend online, compared to 30.7% for men.

Top spending categories for women include groceries, clothing, eating out, and fuel. Online purchases are led by travel, groceries, and general retail, reflecting a lifestyle-driven approach to spending.

FNB’s virtual cards offer enhanced security features, including dynamic CVV codes and app-based controls for blocking or replacing cards. “In an environment with constantly evolving threats, it’s critical that we protect our customers and ensure that they’re safeguarded to always transact securely. Our Virtual Card is central to this promise,” says Nsibande.

“The rapid growth and adoption of our Virtual Card offering is encouraging… We continue to prioritise providing a range of unique and inventive solutions centred on our customers’ needs, true value and help,” he says.

PERSONAL FINANCE