FNB has launched Easy Zero, a digital bank account with no monthly fee.
The digital account is a revamp of the eWallet eXtra offering which now provides customers with a branded FNB bank card.
This card can be used for free swipes and offers “cost-effective” fees for transactions and ATM withdrawals. Easy Zero customers will also be able to purchase prepaid airtime and make free cash deposits up to the value of R1,500 per month.
Additionally, customers can send money to any person with a valid South African cellphone number and monitor their account balance and transaction history on their mobile phone.
FNB Easy CEO Philani Potwana said the product is a direct response to the needs of consumers who suffer under financial pressure.
“The account is in line with our strategy to broaden financial inclusion to the unbanked and underbanked. We believe that the ability to operate the account digitally will allow customers to operate it at virtually no cost or minimal cost depending on transactional behaviour,” Potwana said.
It should be noted that the account can not be used for debit orders, however.
“We see Easy Zero being a digital bank account of choice for customers who do not have regular income or have limited banking needs. This is partly the reason debit orders are not allowed on the digital account as customers in this segment have limited debit orders,” Potwana stated.
FNB said that it currently has 140,000 active users on its digital account. For Easy Zero customers who require assistance, FNB provides the toll-free line 0800 079 599.
To open an Easy Zero account, prospective customers can dial *120*277# and follow the instructions.