First National Bank (FNB), South Africa’s oldest bank, has introduced a new account for clients with side hustles as part of its strategy to refine customer segments.
- The new account, called FNB Side Hustle, is aimed at people who earn additional income from activities outside of their main job, such as freelancing, selling goods online, or renting out property.
- The account offers a range of features tailored to the needs of side hustlers, including low monthly fees, free electronic transactions, and access to FNB’s digital banking platform.
- The changes are aimed at making FNB’s products and services more affordable and accessible to a wider range of customers, while also rewarding loyalty and incentivising desirable behaviours such as digital banking and responsible borrowing.
- The move comes as South African banks face increasing competition from digital challengers and fintech startups, as well as growing pressure to cater to the needs of a diverse and evolving customer base.
- FNB’s CEO, Jacques Celliers, said in a statement that the bank’s new pricing strategy reflects its commitment to “helping customers navigate a rapidly changing world” and to “making banking more affordable and accessible for all South Africans”.