Faizel Patel, Radio Islam News – 17-10-2019

(Twitter: @FaizelPatel143)

FNB Business has launched new products and solutions that it believes will help increase the level of SME activity and create a culture of entrepreneurship in the country.

The bank unveiled a new digital app-based entrepreneurship learning programme (Fundaba) and a digital no monthly account fee business bank account (First Business Zero) to address some of these challenges.

Mike Vacy-Lyle, FNB Business CEO says, as a bank, it is the business owners in this country who inspire them to innovate and find meaningful solutions that are truly impacting on the day-to-day running of their businesses and bottom line.

“We are proud that we can offer helpful solutions that provide value and help enable the development of SMEs in South Africa. As an entrepreneurial organisation, we strive to truly understand the needs of our customers.”

Fundaba is a free interactive e-learning business education platform that has been developed inside the FNB banking app for convenient access.

A first-of-its-kind offering in South Africa Fundaba comprises multimedia content such as videos, podcasts, quizzes, templates and tools for all FNB customers in five different languages including IsiZulu, isiXhosa, Sesotho, English and Afrikaans to learn about entrepreneurship and running a business.

The name Fundaba was created through the combination of the South African words “Fundi” (colloquially means “expert”) and “Indaba” (discussion) as these words best describe the aspirations of the product and the impact that FNB hopes to achieve through its use.

First Business Zero is a digital on platform business bank account offered by FNB from 1 November 2019. The offering is designed specifically for sole proprietor businesses with an annual turnover up to R5 million and can be opened on the FNB App within a few minutes using our “Selfie” process to identity and verify the user.

The key features of the First Business Zero proposition include no monthly account fee, unlimited free POS card swipes, inter-operable QR code for accepting payments, linked saving pocket to ring-fence savings and earn interest, and an FNB Connect SIM card that includes free data, minutes and SMSs (up to 100mb data, 30 voice minutes, 30 SMSs).

Businesses will also get free access to FNB Business’ unique suite of free value-added services, including Instant Accounting software, Invoicing, Cash Flow and Payroll.