Financial services group Absa has launched a new zero-monthly fee transactional account, Business Evolve Zero, aimed at startups in South Africa.
On top of no monthly fee, the account includes free access to an integrated business management and accounting tool called Cashflow Manager, and also free access to Absa Online, a debit card, and a savings account.
It is available to sole proprietors with an annual 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 account also allows entrepreneurs to generate a VAT report to assist them in filing returns to the South African Revenue Service. At the same time, data from the transactional account can be used to generate financial reports that are accessible from any internet-connected device, including a mobile phone. 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,” the bank said.
In terms of transactional fees, the Business Evolve Zero account is a pay-as-you-transact account, which offers unlimited free Absa-to-Absa debit orders and Absa-to-Absa inter-account transfers.
Fees are incurred for ETFs, debit card swipes and external debit orders, with a bundle pricing package available for clients who transact more frequently.
Businesses can sign up for the account via Absa Online Banking, the Absa Banking App and selected branches.