First National Bank has announced that it has enabled businesses to completely take up credit and investments via the banks mobile app as part of a commitment to help grow small and medium enterprises through lending.
It said the innovation, another first for the industry, allowed businesses with an annual turnover between R0 and R60 million to apply and get an overdraft, business loan and revolving loan, as well as a 48 hour cash accelerator notice investment product, within a few minutes.
Daniel Kaan, the Chief executive of business core banking at FNB Business said the institution was continuously expanding its banking platform by providing relevant solutions for any eventuality in various stages of a business’s life cycle.
“Historically, our business customers could only apply for credit via branches or online banking,” he said. “Given that over 50 percent of all FNB Business credit is currently being digitally originated and approved, SMEs will now conveniently and seamlessly take up credit through a channel of their choice.”
FNB said it was currently the only bank in South Africa to offer a 48 hour notice investment account for SMEs, allowing them to easily access their cash within a period of two days to manage cash flow and operating expenses.
Businesses can manage the account on the app, with an option to reinvest or transfer interest to another account.
“The FNB app continues to play a key role in redefining the entire SME customer experience from the on-boarding process, to enabling businesses to manage day to day banking, authentications, business administration, service and relationship management,” Kaan said.
-ANA, editing by Stella Mapenzauswa