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
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
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.