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.