FNB's prepaid purchase transaction fees are now zero on some accounts
JOHANNESBURG - Financial services group FNB said on Tuesday that it had zero-rated transaction fees on its prepaid airtime, voice, SMS and data bundle purchases for customers who held its Easy Pay-As-You-Use, Islamic Easy Pay-As-You-Use and Easy Account with Zero monthly account fee.
FNB last year started slashing its bank fees as it competes with new entrants for the lower end of the banking segment.
The move effects bank accounts held by customers who earned between R0 to R120 000 a year or a monthly salary of less than R7 500.
"These customers will be able to access the benefit immediately when they make prepaid purchases using the FNB App, FNB.mobi, FNB.co.za or dial *120*321#, " FNB said.
The reduciton in fees by FNB follows the introduction of its Easy Zero bank account last November where prepaid purchases are free.
Philani Potwana, the chief executive of FNB Easy, said, " The zero rating of transaction fees on prepaid purchases forms part of the bank’s continued commitment to provide cost-effective banking services to customers whilst providing more value."
Potwana said FNB aimed to continue exploring cost-effective ways to help customers stretch their income.
Shadrack Palmer, the transactional services head for FNB Connect, said, “Our internal data shows that customers in this segment buy smaller bundles of prepaid airtime repeatedly and these costs can accumulate very quickly.
"The decision to help customers save will not only help them manage their money better, but will also enable them to buy more voice minutes and data to stay in contact with their family and friends, especially during the national lockdown”.
In April, FNB announced that users of FNB Connect would receive a free once-off 1GB of data during national lockdown. In addition, FNB Connect announced that its new data packages have been slashed by 55 percent as part of its annual pricing review.