Businesses can now apply for credit through the FNB app

31 May 2019

Money Transfer

FNB will now allow businesses to completely take up credit and investments via its mobile app.

The product allows businesses with an annual turnover between R0 and R60 million to apply and get an overdraft, business loan and revolving loan, the bank said.

“Historically, our business customers could only apply for credit via branches or online banking,” said Daniel Kaan, CEO of Business Core Banking at FNB Business.

“Given that over 50% 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.”

Kaan said that FNB offers a 48 Hour Notice Investment account for SMEs, which allows them to easily access their cash within a period of two days.

“This account is predominately used to manage cash flow and operating expenses. Businesses can manage it on the app, with an option to reinvest or transfer interest to another account,” he said.

Source: Business Tech South Africa