SIZA AND FNB BANK ROLL OUT PARTNERSHIP
Siza and First National Bank (FNB) have partnered to provide savings opportunity to Siza borrowers at the lowest banking costs in the market.
FNB’s value addition unit will send a team of FNB consultants to Siza Capital’s Fine town Loan disbursement event on 18th August 2015. Fine town’s Siza Loan beneficiaries and other existing borrowers from Orange Farm and Freedom Park will be assisted by the FNB team to open bank accounts that will attract a monthly charge of only R5.
Siza will disburse and will be recovering loan repayment installments from these accounts at zero cost to the borrowers. The borrowers will be expected to bank their savings and business profits into this accounts to avoid the obvious dangers of keeping money in their business premises or under their mattresses. This is an option offering meaning that the borrowers choose whether they’d like to open the account or are comfortable with their current banking arrangements.
The accounts will be linked to Siza’s mobile payment platform which will enable the borrowers withdraw and deposit money into and out of the accounts using their mobile phones without the need to travel to the banks. This will reduce the current cost of accessing banking services by 90% among the borrowers.