Banking group Nedbank's wealth management arm has won two honours at the prestigious Euromoney Private Banking and Wealth Management awards. Photo: Supplied

Nedbank has announced that it has dropped the monthly account fee on its Pay-As-You-Use (PAYU) account. With South Africa again facing low economic growth in 2019, and with load-shedding and price hikes set to drive unemployment even higher, South Africa’s consumers are feeling the pinch. 

“It’s at times like these that the need for accessible, affordable banking solutions is even more critical,” says Vanesha Palani, Head: Card, Payments and Transactional Products at Nedbank.

“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. That’s precisely what Nedbank Pay-As-You-Use is designed to do, and by dropping the R5.50 monthly account fee, we are hoping to make things easier for our clients,” she says. 

“Our commitment to financial inclusion remains absolute, and we now have three zero-rated banking solutions, each of them designed for particular customer needs.”

Nedbank’s PAYU is a no-frills, card-based transactional account, carefully designed to appeal to South Africa’s emerging middle market. It offers a range of free services such as card swipes, stop orders and e-mail statements. 

Now, PAYU clients will no longer pay fees for everyday banking. While additional services are available, clients only pay for what they use, thus offering complete banking fees transparency and the power of a Gold cheque card which allows for global acceptance and online shopping on all e-commerce platforms.

PAYU offers security as well as the convenience of transacting using mobile devices via the Nedbank MoneyApp. “Best of all, because it’s also a zero-rated app, clients don’t use up their mobile data while banking on our App,” adds Palani.

PAYU is complemented by two other zero-rated offerings to create a holistic financial-inclusion eco-system. The other two products are Nedbank MobiMoney (*120*002#), a pure mobile solution requiring no documentation or monthly fees to open, and Unlocked.me, aimed at the student and youth market.

Financial inclusion has long been associated with economic benefits both for individuals and national economies. With more than 10 million South Africans still unbanked, solutions like Nedbank MobiMoney (*120*002#) and Unlocked.me provide a way for the unbanked and youth to leverage benefits of the formal banking system through digital technology at an affordable cost.

“These solutions provide a way for people to enter and move up the banking system as their circumstances change—we see financial inclusion as a process rather than a single event. By making everyday banking affordable, we believe PAYU is making banking more accessible, and easing the pressure on consumers,” Palani concludes. 

“It’s all about leveraging Nedbank’s banking expertise to make a real difference in our clients lives, communities and society and help them see their money circumstances differently.”

PERSONAL FINANCE