FNB Business to Launch First Business Zero alongside Fundaba at No Monthly Cost to Support SMEs


TechInAfrica – FNB Business is set to launch a new digital account with no monthly fee called First Business Zero. The launch will also be followed by a digital app-based entrepreneurship learning program named Fundaba. It is part of the company’s effort to compete with other financial institutions that provide low-cost digital services.

FNB will start to offer the new First Business Zero from November 1st, 2019. It is designed for small businesses with annual revenue of up to R5 million. Users can open their personal accounts through the FNB App which only takes a few minutes to identify and verify them.

Several key features that can be found on the First Business Zero are:

  • Free of monthly account charge
  • Unlimited and free POS card swipes
  • Using inter-operable QR code to accept payments
  • Connected saving pocket to ring-fence savings and earn interest
  • FNB Connect SIM card that includes free data, minutes, and SMS (up to 100MB for data, 30 minutes of voice call, and 30 SMS)
FNB Business to Launch First Business Zero alongside Fundaba at No Monthly Cost to Support SMEs
FNB Business to Launch First Business Zero alongside Fundaba at No Monthly Cost to Support SMEs via

Additionally, small businesses will also gain access to FNB Business’ suite services, including Invoicing, Accounting software, Cash Flow, and Payroll.

FNB has invested billions of Rands in developing a business banking platform that offers holistic and integrated financial solutions to all types of businesses. To maintain our market-leading position, it is essential that our business model continually evolves to provide relevant solutions for customers, from learning how to start, run and grow a business, to register a company, opening a bank account, applying for credit and managing the businesses daily affairs,” said Mike Vacy-Lyle, CEO of FNB Business.

Mike Vacy-Lyle, CEO of FNB Business
Mike Vacy-Lyle, CEO of FNB Business via

In terms of the quality of their services, Vacy-Lyle commented, “Better use of data, understanding client context, easier credit applications through scoring and digitization, as well as lower origination costs, have led to better, deeper credit underwriting and quicker turnaround times. This has made borrowing from FNB Business a much better experience with better pricing.

“Continued digitization of the commercial banking experience, at scale, has resulted in improved efficiencies and a lower cost of banking. This benefit of scale will be passed on to the customer through more affordable banking solutions like these. FNB Business remains committed to providing efficient and differentiated customer experiences, inside the platform. We believe in offering ongoing deep value to our customers through a wide and differentiated digital experience,” Vacy-Lyle concluded.



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