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FNB takes shot at Bank Zero

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With expectation building for the launch of Bank Zero by legendary banker Michael Jordaan, his previous employer seems to have taken a strategic shot with the launch of its latest service. 

FNB has launched Easy Zero, a fully-fledged digital bank account with a card to allow customers to transact easily without paying a monthly fee. The mobile account was formerly known as eWallet eXtra.

The revamped digital account will now have a branded FNB bank card, providing customers with free card swipes, cost-effective transactional and ATM cash withdrawal fees. The card now gives customers more options to access their money. In addition, customers will also get free prepaid purchases and free cash deposits of up to R1,500 per month.

FNB Easy CEO Philani Potwana said: “We are aware of the day-to-day financial pressure that our consumers face, and Easy Zero is a direct response to their needs. 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.

“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. However, for those customers that have a need for debit orders they can still use our competitively priced Easy PAYU and Easy Smart Bundle accounts.”

Through Easy Zero, customers will be able to send money to anyone with a valid SA cellphone number, and skip the queues to pay people and accounts. Easy Zero account holders can also view their bank account balance and transaction history on their mobile phone at any time, from anywhere.

“The success of our digital account, with over 140,000 active customers, shows that anyone who owns a mobile phone can be banked in minutes using a mobile device,” says Potwana. “This showcases our ability to adapt to the ever-changing consumer landscape to cater for the needs of customers through platform innovation. ”

FNB is also offering Easy Zero digital account holders a toll-free number (0800 079 599) where easy customers can call for help on any of their banking needs. To open an Easy Zero account, dial *120*277# on a mobile phone and follow the prompts.

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