FNB Eswatini Introduces Campaign to Attract New Customers with Repayment Holidays and Cash-Back Incentives

FNB Eswatini has launched a new campaign, Switch to FNB, to attract new customers by offering various financial incentives. The campaign includes repayment holidays, cash-back incentives, and additional family protection benefits for customers who switch their banking and salary accounts to the bank. This move aims to provide immediate financial relief to customers while strengthening their longer-term financial plans.

The campaign offers different benefits to customers with various financial commitments, including home loans, vehicle finance, personal loans, and monthly banking fees. Customers who transfer their home loans to FNB may qualify for a three-month repayment holiday, while those who switch their vehicle finance to WesBank, FNB's vehicle finance division, can access a three-month instalment holiday. Additionally, customers who open an FNB account and transfer their salaries to the bank will receive cash back on their monthly account fees.

FNB Executive Head of Retail, Dr Mncedzi Ngomane, stated that the campaign was informed by the need to develop banking solutions that respond to the financial pressures experienced by customers. The bank aims to help customers keep more money in their pockets by offering practical and immediately felt benefits. The campaign seeks to challenge conventional expectations around changing banks by bringing together benefits that customers can experience in their everyday financial lives.

One of the key offerings of the campaign targets homeowners, with qualifying customers eligible for a three-month repayment holiday and coverage of qualifying bond costs associated with the transfer. This offer is particularly targeted at households managing mortgage repayments, which often represent one of their largest monthly financial commitments. The bank will also cover upfront expenses involved in moving a home loan from one financial institution to another.

The campaign also provides incentives for customers taking up qualifying FNB Personal Loans. Those who switch their salaries to the bank and obtain the qualifying loans will receive a one-month repayment holiday. This benefit aims to provide customers with additional flexibility when managing existing financial responsibilities or pursuing personal projects such as home improvements and education.

In addition to lending and banking fee incentives, the campaign incorporates a funeral cover benefit aimed at strengthening financial protection for customers and their families. Customers who switch their salaries to FNB qualify for E5 000 member-only funeral cover, with premiums waived for the first three months. They will also have the option of taking up additional funeral cover, including arrangements that extend protection to family members.

Dr Ngomane emphasized that the different incentives were structured around the understanding that customers have varying financial circumstances and do not necessarily require the same banking products or solutions. The bank's goal is to meet customers at the point of their need and offer relatable and long-lasting solutions. The campaign is designed to allow prospective customers to make the switch when they are ready, while providing access to information, guidance, and financial solutions.

Key points

• FNB Eswatini offers a three-month repayment holiday for customers who switch their home loans to the bank.
• The campaign provides cash back on monthly account fees for customers who transfer their salaries to FNB.
• Customers who switch their salaries to FNB qualify for E5 000 member-only funeral cover with premiums waived for the first three months.