FNB has launched its rebranded digital account, Easy Zero, which now includes a debit card.
The bank previously indicated that it would change its digital-only bank account eWallet eXtra to Easy Zero back in June 2019.
The key difference between eWallet eXtra and Easy Zero is the issuing of a bank card, which was absent from FNB’s previous digital offering.
The account will now more effectively compete with new banking entrants like TymeBank and Bank Zero, which are digital accounts that include a card for transactions.
The revamped FNB account will give customers free card swipes, affordable transactional and ATM cash withdrawal fees, and more options for customers to access their money.
Customers will also get free prepaid purchases and free cash deposits of up to R1,500 per month.
“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,” said FNB Easy head, Philani Potwana.
Of note, however, the Easy Zero account will not allow any debit orders.
“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 said.
The banking lead said that customers that have a need for debit orders should look at an Easy PAYU and Easy Smart Bundle account instead.
According to FNB, its digital account currently has 140,000 active customers.