TechInAfrica — First National Bank (FNB) has announced the launching of its new product: an account with no monthly fee. FNB, which is the oldest and one of the largest banks in South Africa, launched this new bank account called First Business Zero for small business owners.
Mike Vacy-Lyle, FNB Business Chief Executive Officer, said, “First Business Zero has been designed specifically for sole proprietor businesses with an annual turnover up to R5 million and can be opened on the FNB App using our ‘selfie’ process to identify and verify the user.”
In an occasion in Bryanston on Tuesday, October 15, FNB stated that the new account offering includes 30 minutes of free calls per month, with 30 free SMSes, and 100 MB of data. Holders of this account will as well have access to unlimited free card swipes.
First Business Zero has features:
- No monthly account fee;
- Unlimited free point-of-sale card swipes;
- Inter-operable QR code;
- Linked saving pocket;
- An FNB Connect SIM card.
It also provides support for small businesses and entrepreneurs, surrounding accounting practices and other activities related to business financial management. This provides businesses free access to the FNB Business’ set of free value-added services which include Instant Accounting software, Invoicing, Cash Flow, and Payroll.
FNB representatives said the digital business bank account will be available from November 1.
Last July, FNB also launched a free health rewards programme – ‘nav» Wellness’ – within its banking app. This program offers discounts at spas, gyms, healthy food delivery services and genetic testing.
Regarding the company business development, Vacy-Lyle said, “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 registering a company, opening a bank account, applying for credit and managing the businesses daily affairs,”
“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,” concluded Vacy-Lyle.