FNB responds to the rise in side-hustles
FNB continues its commitment to support businesses by curbing fee changes below inflation while enhancing value-added solutions as some sectors remain under pressure due to the impact of Covid-19 and rising inflation heightened by unforeseen events, including the recent floods in KwaZulu-Natal and global events affecting supply chains.
“In alignment with our strategy to help businesses to start, run and grow, our priority is to assist our clients manage the cost of doing business. As a result, we continue strengthening our value proposition to provide trusted, relevant, and frictionless banking solutions. When reviewing our pricing and value propositions, we considered the current operating environment coupled with the unique circumstances that businesses are likely to face in the short to medium term,” says Gordon Little, FNB Commercial CEO.
Following the surge in side-hustles started by entrepreneurs during the Covid-19 pandemic, FNB has simplified and made its low cost First Business Zero account more accessible to start-ups and digitally savvy sole proprietors. Furthermore, the bank is scrapping rental or monthly speedpoint device fees for clients who qualify for its new Speedee Zero pricing option.
According to Khathu Ramoliko, Head of Pricing at FNB Commercial, the bank has been on a journey to make the process of accepting payments seamless and more electronic for SMEs through a number of solutions including Selpal, QR code and low rental and commission fees on speed-point devices.
“We have also enhanced our Single Free Pricing Option bundles to offer more value to clients by including up to 2 free Gold credit cards with the current account, increasing the number of free account payments as well as reducing the out-of-bundle fee. Other benefits such as unlimited free card purchases, unlimited free cash@till withdrawals and a basket of free ATM deposits and withdrawals remain included in the bundles, amongst other benefits. In addition, cheaper bundles for the Gold Business Account at R99 and Platinum Business Account at R199 are being introduced,” says Ramoliko.
Given the growing use of digital banking channels and efficiencies the bank derives from its platform journey, it has, for the second consecutive year, reduced its fee for electronic payments (EFTs) to R7.50 while offering pricing discounts, as clients process more volumes.
“2022 has so far been characterised by rising costs affecting all the industries, we believe that it is prudent to help businesses to contain costs by keeping our fee changes to below inflation while adding more value and benefits to our value propositions. While many of our businesses will also experience rising costs in areas such as fuel, we have continued to help our businesses keep the all-in cost of banking low through our free eBucks Rewards programme. Not only can customers earn eBucks back on Fuel spend and on various fees, they can now use their eBucks to also pay for their current account monthly account fees,” he says.
Furthermore, our clients will continue to get access to essential business tools through our banking platform, including CIPC registrations, Free inContact, Free Account Confirmation Letters, Free Proof of Payment Notifications to suppliers, Free API bank feed integration to Sage accounting services, Fundaba (an interactive business education platform) and the Business Hub, which helps businesses adapt to the ever-changing environments in which they operate by providing Education, Strategic Leadership, Thought Leadership and Mentorship,” adds Ramoliko.
FNB has received several accolades and honours which affirms its commitment to empowering SMEs to continue playing a meaningful role in economies across our continent. The bank was named the Best SME Bank in SA and Africa at the Global Finance SME Bank Awards 2021. It also received an honourable mention in the Best Bank for Women Entrepreneurs category at the Global SME Finance Awards 2021.
This post and content is sponsored, written and provided by FNB