Financial services group Absa has unveiled a new zero-monthly fee transactional account, Business Evolve Zero, to cater for startups in South Africa.
In addition to no monthly fee, the account includes free access to an incorporated business management and accounting tool known as Cashflow Manager, and free access to Absa Online, a savings account, and a debit card.
The account is available to sole proprietors with a yearly turnover of up to R5 million.
“Thanks to the complimentary and cloud-based Cashflow Manager, entrepreneurs can access real-time business analytics, produce online quotes and invoices and access a full payroll feature,” the bank said.
The transactional account additionally allows entrepreneurs to generate a VAT report to help them in filing returns to the S.A Revenue Service. In addition, data from the account can be utilized to generate financial reports that are available from any internet-connected gadget, including a Smartphone. No accounting knowledge is required.
“SMEs are vital to enable job creation in South Africa and will play a key role to jump start the economy as it recovers from the impact of Covid-19. Absa will support these businesses by tailoring our offering to suit their particular needs, whether through our enterprise development programmes, payment relief, bespoke solutions or easy-to-use, cost effective banking offerings,” Absa said.
When it comes to transactional fees, the account is a pay-as-you-go type, which provides unlimited fee Absa-to-Absa debit orders and Absa-to-Absa inter-account transfers.
There will be fees for debit card swipes, external debit orders and ETFs, with a bundle pricing package available for customers who transact more often.
Business can sign up for the Business Evolve Zero account by visiting selected branches or via the Absa Banking App and Absa Online Banking.