Banking & Finance News South Africa

EasyPlan branches will expand in 2011

Following the success of its EasyPlan low-cost banking model, FNB will extend the plan by opening 100 branches by the end of June and another 50 by year end. It is a paperless and low-cost banking model developed to meet the needs of the mainstream consumers who earn below R100 000 a year.

It currently has 67 branches throughout the country with 30 in Gauteng, 16 in KwaZulu-Natal, 10 in the Eastern Cape, six in the Western Cape, three in Limpopo and one each in Mpumalanga and North West.

EasyPlan has more than 51 000 unique customers and has sold more than 95 000 products since its launch in August 2009, demonstrating robust growth. Most of these customers have taken up the savings account where they pay no cash deposit fees for savings.

Gift Manyanga, CEO of FNB EasyPlan says, "Our fast paced expansion growth into the various regions across South Africa, as well as our increased customer growth, bears testimony that we offer real value-for-money banking and as such, it's our commitment to continue making banking truly simple, accessible and affordable to lower-income earners."

"Our second prominent product in terms of sales to date has been the Easy Loan. This gives customers quick access to cash from as little as R250. Such prominence can further be attributed to simplicity and affordability of our banking package,' he concludes.

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