By: Lonwabo Mtyeku | Photo Credit: Supplied
Seen Here: Senzo Nsibande, CEO of FNB Core Banking, Retail and Business Banking Photo Credit: Supplied
JOHANNESBURG – In a move aimed at easing financial pressure on consumers and businesses, First National Bank (FNB) has announced sweeping changes to its pricing and rewards structures, including the removal of EFT payment fees across key customer segments and a significant expansion of its eBucks rewards programme.
The changes, which take effect from 1 July 2026, form part of the bank’s annual pricing and value review and reflect growing customer demand for faster, simpler, and more affordable ways to manage money in an increasingly digital economy.
The announcement comes at a time when South African households and businesses continue to navigate rising living costs, making cost-effective banking solutions more important than ever.
Free Payments Take Centre Stage
At the heart of FNB’s latest customer-focused strategy is the elimination of fees on everyday digital payments. The bank will continue to offer free FNB-to-FNB payments while removing EFT fees across several key account categories.
Customers will also benefit from free Real-Time Payments (RTPs) within account bundles from Easy accounts upwards, while entrepreneurs and small business owners will gain access to 20% more transactions at no additional cost.
According to Senzo Nsibande, the changes are designed to help customers manage their finances more effectively in a rapidly evolving economic environment.
“Customers are under immense financial pressure, but they are also more active in how they earn, spend and move money. These changes reflect our ongoing commitment to meeting the evolving needs of individuals, families and businesses by delivering excellent value in all economic conditions,” said Nsibande.
He added that reducing payment costs and simplifying pricing structures would help customers unlock more value through everyday banking activities.
Simpler and More Transparent Banking Costs
Alongside free payments, FNB is introducing a streamlined fee structure for key services.
Customers can expect:
- PayShap ID payments for R3
- Real-Time Payments to bank accounts for R5 on Easy and Aspire accounts
- Send Money transactions from R11 for amounts up to R500
- Prepaid electricity purchase fees ranging between R1 and R2.50 across customer segments
The bank believes these changes will particularly benefit entrepreneurs and small businesses that increasingly rely on real-time cash flow management.
“For many customers, especially small businesses, managing money is now a daily exercise rather than a monthly one,” Nsibande explained. “Faster payments and lower transaction costs provide greater control over how funds are allocated and used.”
Seen Here: Pieter Woodhatch, FNB eBucks Rewards CEO Photo Credit: Supplied
Major Investment in eBucks Rewards
In what FNB describes as its largest investment in customer rewards to date, the bank will increase eBucks discount budgets by 20%, returning more than R2.7 billion in value to customers over the next year.
Pieter Woodhatch said the programme has been redesigned to make rewards easier to earn and more relevant to everyday customer spending habits.
“We are proud to announce what we believe is our most significant investment in customer value to date. Customers should feel the benefit of their banking choices,” said Woodhatch.
The enhancements include:
- Reduced thresholds to achieve Reward Levels 3, 4 and 5
- Increased points-earning opportunities
- Expanded partner rewards and redemption options
- Simplified customer journeys and digital interfaces
Bigger Savings on Fuel, Groceries and Electricity
Business customers stand to gain substantial savings through the programme, including up to R6 per litre back on fuel at Engen and up to 15% back on electricity purchases, helping offset two of the largest operational expenses faced by SMEs.
Retail customers will benefit from:
- Up to 30% back in eBucks through Pick n Pay asap!
- Up to 20% back on clothing purchases
- Expanded bread discounts now available to Aspire customers
- Quarterly Clicks Clinic vouchers worth up to R120
The bank revealed that more than six million burgers have already been redeemed through its popular Burger Friday promotion.
Travel, Gaming and Lifestyle Rewards Expanded
FNB is also broadening its lifestyle and travel benefits.
Customers can now enjoy:
- Up to 80% discounts on domestic and international flights
- Travel savings across ten international airlines
- Up to 30% back in eBucks at Golfers Club
- The addition of gaming retailer Koodoo to the eBucks Partner Shop
The Koodoo partnership allows customers to purchase PlayStation consoles, accessories and games using eBucks, with selected purchases qualifying for up to 100% back.
Aspire customers will also gain access to expanded device and appliance rewards, earning up to 20% back on qualifying purchases.
Seen Here: Philani Potwana, FNB Private Core Banking and Credit Card CEO Photo Credit: Supplied
Private Banking Clients Benefit from Enhanced Value
FNB’s private banking division has also introduced enhancements designed for clients managing increasingly complex financial portfolios.
Philani Potwana said modern banking must simplify financial management while helping clients grow and protect wealth.
“Today’s clients are managing interconnected financial lives across portfolios, assets and borders and expect their banking to reflect that complexity with simplicity,” Potwana said.
He added that the latest changes are designed to remove friction from daily banking while increasing the overall value customers receive through rewards and integrated financial services.
Banking Designed for a Changing Economy
As digital payments become increasingly central to economic activity, FNB’s latest pricing overhaul signals a strategic shift toward reducing transactional costs while rewarding customer engagement.
By eliminating EFT fees, expanding real-time payment capabilities, enhancing merchant solutions, and significantly increasing rewards, the bank is positioning itself to deliver greater value across retail, business and private banking segments.
For millions of South Africans navigating a challenging economic landscape, the changes could translate into meaningful savings, improved financial flexibility, and stronger rewards for everyday banking behavior.
