FNB has announced today that SMEs can now take up credit and investments through the FNB App.
This feature is available to businesses with an annual turnover of between R0 and R60 million. Small business will be able to apply for an overdraft, business loan, revolving loan or 48 Hour Cash Accelerator notice investment in minutes.
“Historically, our business customers could only apply for credit via branches or online banking. 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,” chief executive officer of Business Core Banking at FNB Business, Daniel Kaan, said in a statement.
To apply for credit, a business needs simply log into the FNB App, select Business Credit Solutions/Investments, select the credit package they prefer, receive a quote and accept the credit agreement.
“The FNB App continues to play a key role in redefining the entire SME customer experience from the on-boarding process, to enabling businesses to manage day to day banking, authentications, business administration, service and relationship management,” adds Kaan.
The financial institution tells us that is the only bank in the country to offer SMEs a 48 Hour Notice Investment account. The account allows SMEs to access funds within a two-day period and according to FNB, is primarily used to manage cash flow and operating expense.