Competition comes to business banking

First Business Zero is a digital platform business bank which will be available from 1 November 2019. Its accounts have zero monthly banking fees and free card swipes, although there are pay-as-you-go fees on transfers and debit orders. The catch is that this is only available for sole proprietor businesses with an annual turnover up to R5 million. So, this is not for the more established, incorporated businesses.

By offering a low-cost business banking solution, FNB Business CEO Mike Vacy-Lyle says a small business can start to build up a track record with the bank when it comes to accessing credit. Vacy-Lyle says entrepreneurs struggle to access financing in their own names as they cannot provide payslips. FNB is using a credit score card specifically aimed at small businesses, which will allow automatic credit approval after six months of trading.

FNB has invested billions of rands in developing a business banking platform that offers holistic and integrated financial solutions to all types of businesses “FNB has invested billions of rands in developing a business banking platform that offers holistic and integrated financial solutions to all types of businesses.

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