In a sweeping move aimed at easing financial pressure on South African households and businesses, FNB has announced major pricing and rewards changes set to take effect from 1 July 2026. The bank says the overhaul, which includes the removal of electronic fund transfer (EFT) fees across key account segments, is designed to help customers navigate rising living costs while making banking simpler and more affordable.
Under the new structure, FNB will eliminate EFT fees for personal and small business account holders, a change expected to benefit millions of customers who regularly transfer money between accounts or pay third parties. Additionally, the bank will expand its offering of free real-time payments, allowing users to send and receive money instantly without incurring the usual transaction charges. The bank has also promised to simplify its overall transaction pricing, reducing the number of fee categories and making costs more transparent.
“We understand that every rand counts for South Africans right now,” said FNB CEO Harry Kellan during a media briefing in Johannesburg. “These changes are not just about cutting fees – they are about giving our customers breathing room. Whether it’s sending money to a family member, paying a supplier, or simply managing monthly expenses, we want banking to be an enabler, not a burden.”
Beyond fee reductions, FNB is significantly boosting its eBucks rewards programme. The bank has increased its rewards budget by a full 20 percent, pushing the total allocation to more than R2.7 billion. Customers will see enhanced benefits across multiple spending categories, including fuel and electricity rewards, travel discounts, grocery savings, and lower account fees for qualifying tiers. The bank says the adjustments mean that loyal customers could effectively earn back a substantial portion of their monthly banking costs through smart spending.
Industry analysts have welcomed the move, noting that FNB appears to be doubling down on customer retention amid intensifying competition from new digital-first banks like GoTyme and Bank Zero. However, some have questioned whether the fee cuts are sustainable long-term. FNB has assured shareholders that the changes are backed by efficiency gains and digital adoption, which have lowered the bank’s cost-to-income ratio. The new pricing will be automatically applied to all eligible accounts from 1 July, with customers encouraged to review their eBucks profiles to maximize rewards.
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