FNB clients to get cash from tills

Johannesburg - First National Bank (FNB) customers will now be able to withdraw cash from retailers Pick n Pay Stores [JSE:PIK] and Shoprite Holdings [JSE:SHP], in an effort by the bank to stem foot traffic to branches and cut transaction costs, Business Day reported.

FNB, a division of Firstrand [JSE:FSR], is joining the push by banks worldwide to offer new delivery channels and take advantage of mobile and banking technology.




The publication reported CEO of FNB Michael Jordaan as saying: "FNB cheque cards now enable cash back at both Pick n Pay and Shoprite Checkers."

Under mounting pressure from governments to cut their transaction and banking fees, more banks are partnering with retailers to allow their customers to withdraw money from till points.

The facility is reportedly available to FNB gold and platinum cheque account holders, with a 90 cents fee compared to a R6 per R500 fee from ATMs.

Early this year Absa Group [JSE:ASA] launched the Transact account, aimed at customers looking for a basic and cost-effective account.

This follows on the heels of the highly popular entry-level Global One savings account from Capitec Bank Holdings [JSE:CPI], which targets a segment of SA's 15 million unbanked people.

Africa's biggest bank by market capitalisation, Standard Bank Group [JSE:SBK], has been training people to open bank-shop accounts, which enable people to buy products using their cellphones.

- Fin24

SOURCE : NEWS 24