Nedbank drops monthly charges on PayU account

Finance 11 April 2019

CAPE TOWN – Nedbank has announced that it has dropped the monthly account fee on its Pay-As-You-Use (PAYU) account.

With South Africa again facing low economic growth in 2019, and with load-shedding and price hikes set to drive unemployment even higher, South Africa’s consumers are feeling the pinch.

Vanesha Palani, Head: Card, Payments and Transactional Products at Nedbank said in a statement: "It’s at times like these that the need for accessible, affordable banking solutions is even more critical."

“It’s a perfect storm for consumers at present: they are cash-strapped and need to keep banking costs down, but, at the same time, they need a way to manage their money sensibly. That’s precisely what Nedbank Pay-As-You-Use is designed to do, and by
dropping the R5.50 monthly account fee, we are hoping to make things easier for our clients," said Palani.

“Our commitment to financial inclusion remains absolute, and we now have three zero-rated banking solutions, each of them designed for particular customer needs.”

Designed to appeal to South Africa’s emerging middle market, it offers a range of free services such as card swipes, stop orders and e-mail statements. Now, PAYU clients will no longer pay fees for everyday banking.

While additional services are available, clients only pay for what they use, thus offering complete banking fees transparency and the power of a Gold cheque card which allows for global acceptance and online shopping on all e-commerce platforms.

Content supplied by: Nedbank
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