FNB data reveals that an Easy Smart Option customer with a R5500 net monthly income spends an average of R200 worth of prepaid services every month (data, voice, SMSs), which equates to over 4% of their income.
Pieter Woodhatch, Chief Executive of FNB Easy Subsegment says tough economic conditions have put pressure on households especially those in entry-level income brackets, with consumers having to stretch their budgets even further to meet their monthly obligations. Telco spend comes out quite prominently because customers are using a large portion of their income to buy data, airtime and voice minutes,” he says.
As of 1 July, FNB started rewarding qualifying Easy customers with free data, airtime, voice minutes and SMSes each month. Customers who hold Easy Account Smart Option qualify for free 30 voice minutes, 80MB data, 30 SMSes on FNB Connect.
Cumulatively, the FNB Connect benefits for Easy equates to the monthly fees on the respective bank accounts, this is a major cost-saving for customers. In addition, on Easy Smart Option customers can, in addition, earn R50 in airtime on FNB Connect by only spending R1 or more at Usave/Checkers/Shoprite. That’s a total of R111 in value back to a customer every month. On top of the R55 worth of transactional value bundled for free in the account.
“Whilst there are various benefits available to every qualifying FNB Retail customer, we believe it will go a long way in alleviating the financial pressure in this income segment. Over the years, we’ve invested heavily to ensure that FNB Connect becomes a telco provider of choice for FNB customers, and we continue to make sustainable inroads into the FNB customer base,” says FNB Connect CEO, Len Pienaar.
“Consumers are looking for help to stretch their limited household budgets and we are responding adequately to their plight. Traditional bank accounts do not always service the range of needs of consumers who earn below and/or slightly above South Africa’s minimum wage. We believe that the combination of a suitable bank account, free and helpful value-added benefits will go a long way to helping consumers with money management,” says adds Woodhatch.
The FNB Easy Smart Option account also offers a range of other free benefits, including free legal, financial and medical advice. The bank believes that the account offers the best value for the relevant income segment.
