Nedbank drops monthly fee on its entry-level PAYU account

Nedbank has announced that it has dropped the monthly account fee on its Pay-As-You-Use (PAYU) account.

Nedbank’s PAYU is a card-based transactional account that offers a range of free services such as card swipes, stop orders and e-mail statements.

As part of the account, customers are offered a free Gold Cheque Card. While additional services are available, clients only pay for what they use.

Vanesha Palani, head of card, payments and transactional Products at Nedbank, said that the decision was made as South Africam consumers are feeling the pinch at the start of 2019.

“It’s a perfect storm for consumers at present: they are cash-strapped and need to keep banking costs down, but, at the same time, they need a way to manage their money sensibly,” she said.

Palani said that Nedbank’s MoneyApp was also zero-rated so that don’t use up their mobile data while banking.

Read: Virtual personal assistant and other new features coming to the Nedbank app

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Nedbank drops monthly fee on its entry-level PAYU account